Janney Montgomery Scott LLC Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Janney Montgomery Scott LLC reduced its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 39.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,926 shares of the company's stock after selling 7,865 shares during the quarter. Janney Montgomery Scott LLC's holdings in PDD were worth $1,608,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. QRG Capital Management Inc. raised its holdings in PDD by 2.3% during the 1st quarter. QRG Capital Management Inc. now owns 14,735 shares of the company's stock valued at $1,713,000 after buying an additional 331 shares during the period. Bleakley Financial Group LLC raised its stake in shares of PDD by 6.0% in the first quarter. Bleakley Financial Group LLC now owns 4,969 shares of the company's stock worth $578,000 after purchasing an additional 283 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in PDD by 19.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 444,539 shares of the company's stock valued at $51,678,000 after acquiring an additional 72,469 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in PDD in the first quarter valued at approximately $1,144,000. Finally, Blair William & Co. IL boosted its stake in shares of PDD by 34.6% in the first quarter. Blair William & Co. IL now owns 3,102 shares of the company's stock worth $361,000 after acquiring an additional 798 shares during the last quarter. 29.07% of the stock is currently owned by institutional investors.

PDD Stock Down 1.0 %

PDD traded down $1.08 on Thursday, hitting $112.33. 7,339,451 shares of the company were exchanged, compared to its average volume of 10,579,845. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a market cap of $154.55 billion, a price-to-earnings ratio of 12.22, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $120.78 and a two-hundred day moving average price of $130.75.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion during the quarter, compared to analysts' expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business's quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.27 EPS. On average, equities analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

PDD Company 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.