Coronation Fund Managers Ltd. Sells 591,644 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Coronation Fund Managers Ltd. cut its stake in PDD Holdings Inc. (NASDAQ:PDD) by 43.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 762,647 shares of the company’s stock after selling 591,644 shares during the period. PDD comprises approximately 4.5% of Coronation Fund Managers Ltd.’s holdings, making the stock its 2nd largest holding. Coronation Fund Managers Ltd. owned approximately 0.06% of PDD worth $101,394,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new stake in shares of PDD during the first quarter worth approximately $29,000. Ashton Thomas Private Wealth LLC acquired a new stake in PDD during the 2nd quarter valued at $32,000. Richardson Financial Services Inc. boosted its stake in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of PDD in the second quarter valued at $40,000. Finally, Mather Group LLC. lifted its position in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after buying an additional 354 shares in the last quarter. Institutional investors own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PDD shares. Barclays lowered their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. Macquarie downgraded PDD from an “outperform” rating to a “neutral” rating in a research report on Monday, August 26th. Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and cut their target price for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. 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 stock. Based on data from MarketBeat.com, PDD has an average rating of “Buy” and an average target price of $177.78.

PDD Price Performance

Shares of PDD stock opened at $145.64 on Wednesday. The firm has a market capitalization of $200.38 billion, a price-to-earnings ratio of 19.29, a price-to-earnings-growth ratio of 0.28 and a beta of 0.69. 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 firm has a fifty day moving average of $118.71 and a 200-day moving average of $128.87.

PDD (NASDAQ:PDD) last announced its quarterly 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 company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the company earned $1.27 earnings per share. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. On average, equities research analysts forecast 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.