PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 59.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 390,437 shares of the company's stock after selling 566,593 shares during the quarter. Victory Capital Management Inc.'s holdings in PDD were worth $52,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC increased its holdings in PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock worth $244,000 after purchasing an additional 89 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of PDD by 16.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,680,380 shares of the company's stock valued at $226,532,000 after acquiring an additional 232,181 shares in the last quarter. Baillie Gifford & Co. increased its holdings in shares of PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company's stock valued at $4,868,859,000 after acquiring an additional 988,042 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of PDD by 21.2% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 274,895 shares of the company's stock valued at $36,979,000 after buying an additional 48,007 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its position in shares of PDD by 12.0% during the third quarter. Apollon Wealth Management LLC now owns 2,614 shares of the company's stock valued at $352,000 after buying an additional 281 shares during the last quarter. 29.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Benchmark cut their price objective on PDD from $230.00 to $185.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their price objective on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 27th. Macquarie upgraded PDD from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Bank of America lowered their target price on PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Finally, Barclays lowered their target price on PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $182.40.

PDD Price Performance

NASDAQ:PDD traded up $1.85 on Friday, reaching $114.18. 4,595,606 shares of the company's stock traded hands, compared to its average volume of 10,553,444. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month 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 stock has a 50-day simple moving average of $121.17 and a 200-day simple moving average of $130.62. The firm has a market cap of $157.10 billion, a PE ratio of 12.24, a P/E/G ratio of 0.27 and a beta of 0.71.

PDD (NASDAQ:PDD - Get Free Report) last issued its earnings results 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. PDD had a return on equity of 48.14% and a net margin of 28.92%. The firm had revenue of $97.06 billion for the quarter, compared to analysts' expectations of $100.17 billion. During the same period in the previous year, the firm posted $1.27 earnings per share. The business's revenue was up 85.7% compared to the same quarter last year. Equities research analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current 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.