PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC trimmed its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 39.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,926 shares of the company’s stock after selling 7,865 shares during the quarter. Janney Montgomery Scott LLC’s holdings in PDD were worth $1,608,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. increased its position in PDD by 1.0% in the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after acquiring an additional 348,130 shares during the period. Vanguard Group Inc. increased its position in PDD by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after acquiring an additional 97,648 shares during the period. Hhlr Advisors LTD. increased its position in PDD by 16.6% in the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. increased its position in PDD by 16.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during the period. Finally, Tairen Capital Ltd increased its position in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares during the period. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

Shares of PDD stock opened at $113.41 on Thursday. The stock has a market cap of $156.04 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71. The business has a fifty day simple moving average of $120.37 and a 200-day simple moving average of $130.87. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping 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 company had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the previous year, the firm earned $1.27 earnings per share. The business’s quarterly revenue was up 85.7% compared to the same quarter last year. On average, sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PDD. Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group lowered their price target on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, PDD currently has a consensus rating of “Buy” and an average 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.