Oppenheimer & Co. Inc. Cuts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Oppenheimer & Co. Inc. cut its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 31.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,747 shares of the company's stock after selling 7,284 shares during the period. Oppenheimer & Co. Inc.'s holdings in PDD were worth $2,123,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC acquired a new position in shares of PDD in the 3rd quarter valued at $29,000. Ashton Thomas Private Wealth LLC acquired a new position in PDD during the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock worth $32,000 after buying an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in PDD during the 3rd quarter worth approximately $34,000. Finally, Mather Group LLC. boosted its stake in shares of PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company's stock valued at $51,000 after buying an additional 354 shares during the period. 29.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PDD has been the subject of several research reports. Sanford C. Bernstein lowered their price objective on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research report on Tuesday, August 27th. Bank of America reduced their price target on PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Barclays lowered their price objective on PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group cut their target price on shares of PDD from $193.00 to $151.00 and set a "buy" rating for the company in a research report on Monday, August 26th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $182.40.

PDD Trading Up 1.5 %

Shares of PDD stock traded up $1.67 during trading on Friday, reaching $114.00. 8,874,029 shares of the company were exchanged, compared to its average volume of 8,364,797. The business has a 50-day moving average price of $121.59 and a 200-day moving average price of $130.57. 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 has a market capitalization of $156.85 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 0.71. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $100.17 billion. During the same period in the previous year, the company posted $1.27 earnings per share. The firm's revenue for the quarter was up 85.7% compared to the same quarter last year. Sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 EPS 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.