PDD Holdings Inc. (NASDAQ:PDD) Stock Holdings Increased by E Fund Management Hong Kong Co. Ltd.

E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 512,564 shares of the company's stock after acquiring an additional 14,871 shares during the quarter. PDD makes up 41.2% of E Fund Management Hong Kong Co. Ltd.'s investment portfolio, making the stock its biggest holding. E Fund Management Hong Kong Co. Ltd.'s holdings in PDD were worth $69,099,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. grew its position in shares of PDD by 2.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 46,570 shares of the company's stock valued at $6,278,000 after buying an additional 1,254 shares during the last quarter. abrdn plc grew its holdings in shares of PDD by 41.9% during the third quarter. abrdn plc now owns 1,240,220 shares of the company's stock worth $165,483,000 after purchasing an additional 365,948 shares during the last quarter. Leuthold Group LLC grew its holdings in shares of PDD by 50.9% during the third quarter. Leuthold Group LLC now owns 3,628 shares of the company's stock worth $489,000 after purchasing an additional 1,224 shares during the last quarter. Ballentine Partners LLC increased its position in shares of PDD by 11.9% during the third quarter. Ballentine Partners LLC now owns 3,022 shares of the company's stock worth $407,000 after purchasing an additional 321 shares in the last quarter. Finally, E. Ohman J or Asset Management AB lifted its holdings in shares of PDD by 6.0% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 53,400 shares of the company's stock valued at $7,199,000 after purchasing an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Benchmark dropped their price target on PDD from $230.00 to $185.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Nomura Securities raised shares of PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Citigroup cut shares of PDD from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a "buy" rating on the stock in a research report on Monday, August 26th. Finally, Barclays lowered their price objective on shares of PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, PDD has a consensus rating of "Buy" and an average target price of $182.40.

PDD Stock Performance

Shares of NASDAQ:PDD traded down $0.28 during midday trading on Thursday, hitting $120.59. The stock had a trading volume of 7,380,796 shares, compared to its average volume of 10,699,238. The company has a market capitalization of $165.92 billion, a PE ratio of 15.97, a P/E/G ratio of 0.30 and a beta of 0.71. The stock has a 50 day moving average price of $117.33 and a two-hundred day moving average price of $130.74. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. 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 issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business's quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 earnings per share. As a group, equities analysts predict that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

PDD 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.