Profund Advisors LLC Has $11.08 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Profund Advisors LLC reduced its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,299 shares of the company’s stock after selling 4,568 shares during the quarter. Profund Advisors LLC’s holdings in PDD were worth $11,075,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its stake in PDD by 6.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 82,121 shares of the company’s stock valued at $10,918,000 after buying an additional 5,136 shares during the last quarter. Sei Investments Co. increased its position in shares of PDD by 130.6% in the second quarter. Sei Investments Co. now owns 498,237 shares of the company’s stock valued at $66,240,000 after acquiring an additional 282,199 shares during the last quarter. Pacer Advisors Inc. raised its holdings in PDD by 1.7% during the second quarter. Pacer Advisors Inc. now owns 32,140 shares of the company’s stock worth $4,273,000 after acquiring an additional 540 shares in the last quarter. Intech Investment Management LLC boosted its position in PDD by 9.9% during the second quarter. Intech Investment Management LLC now owns 16,397 shares of the company’s stock valued at $2,180,000 after purchasing an additional 1,475 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in PDD in the second quarter valued at approximately $723,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Down 0.1 %

PDD stock opened at $99.90 on Friday. The company’s 50-day moving average price is $119.97 and its two-hundred day moving average price is $128.45. 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 stock has a market cap of $137.45 billion, a P/E ratio of 13.23, a P/E/G ratio of 0.24 and a beta of 0.69. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

PDD (NASDAQ:PDD) last announced its 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 for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter last year, the company earned $1.27 earnings per share. The firm’s quarterly revenue was up 85.7% compared to the same quarter last year. As a group, analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PDD shares. Benchmark dropped 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. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Macquarie cut shares of PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Finally, Sanford C. Bernstein reduced their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target 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.