PDD Holdings Inc. (NASDAQ:PDD) Short Interest Update

PDD Holdings Inc. (NASDAQ:PDD) was the target of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 26,390,000 shares, a decrease of 20.0% from the October 15th total of 32,980,000 shares. Based on an average daily trading volume, of 16,040,000 shares, the days-to-cover ratio is currently 1.6 days.

Hedge Funds Weigh In On PDD

A number of institutional investors and hedge funds have recently bought and sold shares of PDD. TB Alternative Assets Ltd. raised its holdings in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after purchasing an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. boosted its position in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after buying an additional 89,853 shares during the period. BOCHK Asset Management Ltd increased its position in PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after buying an additional 40,700 shares in the last quarter. Finally, M&G PLC raised its stake in PDD by 14.2% during the 3rd quarter. M&G PLC now owns 247,417 shares of the company’s stock worth $33,401,000 after buying an additional 30,817 shares during the period. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Stock Down 1.0 %

PDD stock opened at $112.33 on Friday. The business has a 50 day moving average price of $120.78 and a two-hundred day moving average price of $130.75. PDD has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a market cap of $154.55 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 0.27 and a beta of 0.71. 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 (NASDAQ:PDD) last issued its quarterly earnings data 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. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business’s revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period last year, the business posted $1.27 earnings per share. Analysts anticipate that PDD will post 11.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Sanford C. Bernstein decreased their target price on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Jefferies Financial Group cut their price target on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a report on Monday, August 26th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Bank of America cut their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, PDD presently has a consensus rating of “Buy” and an average target price of $182.40.

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.