ProShare Advisors LLC Trims Position in PDD Holdings Inc. (NASDAQ:PDD)

ProShare Advisors LLC cut its position in PDD Holdings Inc. (NASDAQ:PDD) by 11.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 650,602 shares of the company’s stock after selling 88,279 shares during the period. ProShare Advisors LLC’s holdings in PDD were worth $86,498,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PDD. Los Angeles Capital Management LLC grew its stake in PDD by 149.0% during the first quarter. Los Angeles Capital Management LLC now owns 296,786 shares of the company’s stock valued at $34,501,000 after acquiring an additional 177,600 shares in the last quarter. Hhlr Advisors LTD. grew its stake in PDD by 37.5% during the fourth quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock valued at $1,479,333,000 after acquiring an additional 2,760,100 shares in the last quarter. Vanguard Group Inc. grew its stake in PDD by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock valued at $3,535,424,000 after acquiring an additional 62,312 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after acquiring an additional 89,853 shares in the last quarter. Finally, Connectus Wealth LLC grew its stake in PDD by 9.4% during the fourth quarter. Connectus Wealth LLC now owns 6,852 shares of the company’s stock valued at $1,003,000 after acquiring an additional 590 shares in the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on PDD. Barclays lowered their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a research note on Monday, August 26th. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $177.78.

PDD Price Performance

PDD stock opened at $99.90 on Monday. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. 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 company has a 50-day moving average price of $119.97 and a 200 day moving average price of $128.53. The stock has a market cap of $137.45 billion, a PE ratio of 13.23, a P/E/G ratio of 0.24 and a beta of 0.69.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’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 EPS. Equities research analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

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.