PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. reduced its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 34.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 653,896 shares of the company's stock after selling 348,617 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in PDD were worth $88,152,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Prospera Private Wealth LLC acquired a new position in shares of PDD during the third quarter valued at about $27,000. Avior Wealth Management LLC grew its stake in PDD by 50.9% during the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock valued at $68,000 after acquiring an additional 169 shares in the last quarter. West Family Investments Inc. boosted its position in shares of PDD by 7.1% during the 3rd quarter. West Family Investments Inc. now owns 3,144 shares of the company's stock valued at $424,000 after acquiring an additional 208 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of PDD in the 3rd quarter valued at approximately $5,657,000. Finally, Banque Cantonale Vaudoise increased its position in shares of PDD by 36.7% during the third quarter. Banque Cantonale Vaudoise now owns 35,318 shares of the company's stock worth $4,762,000 after acquiring an additional 9,485 shares during the period. Hedge funds and other institutional investors own 29.07% of the company's stock.

PDD Stock Down 1.0 %

NASDAQ:PDD traded down $1.19 during trading hours on Wednesday, hitting $116.49. 12,804,404 shares of the company traded hands, compared to its average volume of 10,563,919. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The firm's 50-day simple moving average is $122.58 and its 200-day simple moving average is $130.31. 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 $160.28 billion, a PE ratio of 12.68, a PEG ratio of 0.27 and a beta of 0.71.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating 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 company had revenue of $97.06 billion during the quarter, compared to analysts' expectations of $100.17 billion. During the same quarter in the prior year, the company earned $1.27 EPS. The firm's revenue was up 85.7% on a year-over-year basis. Equities analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Daiwa America raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Nomura Securities upgraded PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Sanford C. Bernstein decreased 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 target price on PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Finally, 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. 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 company. According to data from MarketBeat.com, PDD has an average rating of "Buy" and a consensus target price of $182.40.

About PDD

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.