Veritas Asset Management LLP Invests $3.47 Million in PDD Holdings Inc. (NASDAQ:PDD)

Veritas Asset Management LLP purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 25,715 shares of the company's stock, valued at approximately $3,467,000.

A number of other large investors have also made changes to their positions in the stock. Ashton Thomas Private Wealth LLC acquired a new stake in PDD in the second quarter valued at $32,000. Richardson Financial Services Inc. grew its stake in PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in PDD during the 3rd quarter valued at about $34,000. Strategic Financial Concepts LLC acquired a new position in PDD during the second quarter worth about $40,000. Finally, Mather Group LLC. lifted its holdings in shares of PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company's stock valued at $51,000 after purchasing an additional 354 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PDD. Sanford C. Bernstein reduced their price objective on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 27th. Nomura Securities raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Daiwa America upgraded shares of PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Benchmark lowered their price target on PDD from $230.00 to $185.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Finally, Barclays cut their price target on shares of PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a report on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $182.40.

PDD Stock Performance

Shares of PDD traded down $0.03 during mid-day trading on Friday, hitting $120.56. The stock had a trading volume of 3,729,786 shares, compared to its average volume of 12,203,735. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The company has a market cap of $165.87 billion, a PE ratio of 12.99, a PEG ratio of 0.29 and a beta of 0.71. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company's fifty day simple moving average is $116.94 and its two-hundred day simple moving average is $131.03.

PDD (NASDAQ:PDD - Get Free Report) last issued 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. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the previous year, the firm posted $1.27 earnings per share. PDD's quarterly revenue was up 85.7% compared to the same quarter last year. On average, equities analysts expect that PDD Holdings Inc. will post 11.19 earnings per share for the current 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.