PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 21.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 274,895 shares of the company's stock after purchasing an additional 48,007 shares during the period. PDD makes up 1.0% of OVERSEA CHINESE BANKING Corp Ltd's investment portfolio, making the stock its 23rd largest holding. OVERSEA CHINESE BANKING Corp Ltd's holdings in PDD were worth $36,979,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Venturi Wealth Management LLC bought a new stake in shares of PDD in the third quarter worth approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of PDD in the second quarter worth $32,000. Richardson Financial Services Inc. lifted its holdings in shares of PDD by 3,883.3% in 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 stake in PDD during the third quarter valued at $34,000. Finally, Mather Group LLC. raised its stake in PDD by 1,106.3% during 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. 29.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PDD shares. Bank of America decreased their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Benchmark cut their price objective on shares of PDD from $230.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group cut 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. Macquarie upgraded shares of PDD from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Finally, Nomura Securities upgraded shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. One equities 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. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $182.40.

PDD Stock Down 3.8 %

PDD stock traded down $4.40 during midday trading on Tuesday, hitting $112.75. 5,483,495 shares of the company's stock were exchanged, compared to its average volume of 10,605,014. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The firm has a 50-day moving average of $120.05 and a two-hundred day moving average of $130.98. The company has a market cap of $155.13 billion, a PE ratio of 12.62, a P/E/G ratio of 0.28 and a beta of 0.71.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the previous year, the firm earned $1.27 EPS. The company's quarterly revenue was up 85.7% compared to the same quarter last year. As a group, analysts expect 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.