Wedbush Securities Inc. Invests $208,000 in PDD Holdings Inc. (NASDAQ:PDD)

Wedbush Securities Inc. acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,561 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds have also made changes to their positions in the business. Ashton Thomas Private Wealth LLC acquired a new position in PDD in the second quarter valued at $32,000. Future Financial Wealth Managment LLC acquired a new position in PDD in the first quarter valued at $29,000. Mather Group LLC. boosted its holdings in PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after acquiring an additional 354 shares during the last quarter. Gordian Capital Singapore Pte Ltd acquired a new position in PDD in the fourth quarter valued at $59,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in PDD by 31.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock valued at $62,000 after acquiring an additional 101 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Stock Down 2.4 %

Shares of PDD stock opened at $94.99 on Monday. 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 firm has a market cap of $130.69 billion, a P/E ratio of 12.58, a P/E/G ratio of 0.23 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The business has a 50-day moving average price of $123.94 and a 200 day moving average price of $129.36.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 earnings per share. On average, sell-side analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on PDD. Jefferies Financial Group reduced their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Benchmark reduced their price objective on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $145.00 to $184.00 in a research note on Friday, May 24th. Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Citigroup cut PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $177.78.

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.