PDD Holdings Inc. (NASDAQ:PDD) is Krane Funds Advisors LLC's Largest Position

Krane Funds Advisors LLC cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 87.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 445,965 shares of the company's stock after selling 3,050,091 shares during the quarter. PDD makes up approximately 50.9% of Krane Funds Advisors LLC's portfolio, making the stock its largest holding. Krane Funds Advisors LLC's holdings in PDD were worth $60,121,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Acadian Asset Management LLC increased its holdings in shares of PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company's stock worth $487,984,000 after purchasing an additional 1,904,155 shares during the period. Tairen Capital Ltd boosted its holdings in shares of PDD by 49.8% in the 2nd 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 in the last quarter. Hhlr Advisors LTD. boosted its holdings in shares of PDD by 16.6% in the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company's stock worth $1,370,767,000 after purchasing an additional 1,680,600 shares in the last quarter. Dragoneer Investment Group LLC increased its position in shares of PDD by 142.6% during the 2nd quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company's stock valued at $348,440,000 after purchasing an additional 1,540,346 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of PDD during the 2nd quarter valued at about $176,332,000. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD stock traded up $0.99 during trading on Friday, hitting $124.62. 11,886,903 shares of the company's stock traded hands, compared to its average volume of 20,078,914. The business has a 50-day simple moving average of $121.58 and a 200-day simple moving average of $130.40. 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 capitalization of $171.46 billion, a P/E ratio of 13.43, a PEG ratio of 0.33 and a beta of 0.71. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on PDD shares. Macquarie raised PDD from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Bank of America decreased their target price on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Citigroup lowered shares of PDD from a "buy" rating to a "neutral" rating and cut their price target for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Benchmark decreased their price target on shares of PDD from $230.00 to $185.00 and set a "buy" rating for the company in a research note on Tuesday, August 27th. Finally, Sanford C. Bernstein decreased their target price on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PDD presently has an average rating of "Buy" and a consensus target price of $182.40.

PDD Company Profile

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.