Van ECK Associates Corp Acquires 63,961 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Van ECK Associates Corp boosted its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 89.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 135,139 shares of the company's stock after purchasing an additional 63,961 shares during the quarter. Van ECK Associates Corp's holdings in PDD were worth $18,218,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC bought a new stake in shares of PDD in the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. grew its position in shares of 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 purchasing an additional 233 shares during the period. Future Financial Wealth Managment LLC acquired a new position in shares of PDD in the 3rd quarter valued at approximately $34,000. Strategic Financial Concepts LLC acquired a new position in shares of PDD in the 2nd quarter valued at approximately $40,000. Finally, Mather Group LLC. grew its position in shares of PDD by 1,106.3% in the 2nd quarter. Mather Group LLC. now owns 386 shares of the company's stock valued at $51,000 after purchasing an additional 354 shares during the period. 29.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Citigroup downgraded PDD from a "buy" rating to a "neutral" rating and cut their price objective for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. Sanford C. Bernstein dropped their price target on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 27th. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 27th. Bank of America dropped their price target on PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Finally, Daiwa America upgraded PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $182.40.

PDD Price Performance

Shares of PDD traded down $0.19 during trading hours on Tuesday, hitting $122.13. 4,729,366 shares of the company were exchanged, compared to its average volume of 10,614,494. The company has a market cap of $168.04 billion, a price-to-earnings ratio of 13.15, a P/E/G 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 has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm's fifty day moving average is $117.39 and its 200 day moving average is $131.09.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings data 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. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same period last year, the firm posted $1.27 earnings per share. PDD's revenue was up 85.7% compared to the same quarter last year. On average, equities analysts anticipate that PDD Holdings Inc. will post 11.19 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.