Principal Financial Group Inc. Reduces Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Principal Financial Group Inc. cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 22.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 672,654 shares of the company's stock after selling 195,841 shares during the period. Principal Financial Group Inc.'s holdings in PDD were worth $90,680,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ballentine Partners LLC grew its holdings in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company's stock valued at $359,000 after buying an additional 120 shares during the last quarter. Parallel Advisors LLC lifted its position in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company's stock worth $324,000 after acquiring an additional 122 shares during the period. Legacy Capital Group California Inc. grew its stake in PDD by 6.8% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company's stock valued at $277,000 after purchasing an additional 133 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of PDD by 1.2% in the first quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company's stock valued at $1,629,000 after purchasing an additional 168 shares during the period. Finally, CWM LLC raised its stake in shares of PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company's stock worth $141,000 after purchasing an additional 169 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company's stock.

PDD Price Performance

Shares of NASDAQ:PDD traded down $8.06 during trading on Friday, reaching $117.81. 15,150,266 shares of the company's stock traded hands, compared to its average volume of 10,634,343. The firm has a market cap of $162.09 billion, a PE ratio of 12.70, 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 company has a 50-day simple moving average of $119.63 and a 200-day simple moving average of $131.00.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating analysts' consensus estimates 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 business earned $1.27 earnings per share. The business's revenue was up 85.7% compared to the same quarter last year. As a group, analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on PDD. Benchmark dropped their target price on PDD from $230.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and upped their price objective for the company from $126.00 to $224.00 in a report on Monday, October 7th. Bank of America reduced their target price on shares of PDD from $206.00 to $170.00 and set a "buy" rating for the company in a report on Tuesday, August 27th. Daiwa America raised shares of PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, Nomura Securities upgraded PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $182.40.

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.