PDD Holdings Inc. (NASDAQ:PDD) Holdings Cut by Coronation Fund Managers Ltd.

Coronation Fund Managers Ltd. lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 43.7% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 762,647 shares of the company's stock after selling 591,644 shares during the period. PDD accounts for approximately 4.5% of Coronation Fund Managers Ltd.'s holdings, making the stock its 2nd biggest position. Coronation Fund Managers Ltd. owned about 0.06% of PDD worth $101,394,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. boosted its position in shares of PDD by 1.0% during the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company's stock worth $4,670,322,000 after acquiring an additional 348,130 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of PDD by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company's stock valued at $2,820,408,000 after purchasing an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. boosted its holdings in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company's stock valued at $1,370,767,000 after purchasing an additional 1,680,600 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company's stock valued at $786,237,000 after purchasing an additional 826,525 shares in the last quarter. Finally, Tairen Capital Ltd increased its holdings in shares of PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock worth $715,055,000 after purchasing an additional 1,788,076 shares during the last quarter. 29.07% of the stock is owned by institutional investors.

PDD Trading Up 4.9 %

Shares of PDD traded up $7.07 during mid-day trading on Wednesday, reaching $152.71. 35,545,207 shares of the company's stock traded hands, compared to its average volume of 10,496,240. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The stock has a market cap of $210.11 billion, a P/E ratio of 20.48, a P/E/G ratio of 0.28 and a beta of 0.69. The stock's 50-day moving average is $118.71 and its two-hundred day moving average is $128.87.

PDD (NASDAQ:PDD - Get Free Report) last released its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business's revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period last year, the company earned $1.27 earnings per share. Research analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PDD has been the subject of several research analyst reports. Bank of America cut their price target on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Daiwa America upgraded shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Benchmark lowered their price objective on shares of PDD from $230.00 to $185.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Citigroup cut shares of PDD from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Macquarie cut shares of PDD from an "outperform" rating to a "neutral" rating in a research report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of "Buy" and a consensus target price of $177.78.

About PDD

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.