Kamunting Street Capital Management L.P. Acquires New Shares in PDD Holdings Inc. (NASDAQ:PDD)

Kamunting Street Capital Management L.P. acquired a new stake in PDD Holdings Inc. (NASDAQ:PDD) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 37,272 shares of the company’s stock, valued at approximately $4,955,000. PDD makes up about 4.6% of Kamunting Street Capital Management L.P.’s holdings, making the stock its 8th biggest position.

Several other hedge funds have also made changes to their positions in PDD. Baillie Gifford & Co. boosted its holdings 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 purchasing an additional 348,130 shares in the last quarter. Vanguard Group Inc. raised its holdings in PDD by 0.4% during the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after purchasing an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. boosted its position in PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after purchasing an additional 1,680,600 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in PDD by 16.2% in the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after purchasing an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd increased its position in shares of PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after buying an additional 1,788,076 shares in the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on PDD shares. Macquarie downgraded shares of PDD from an “outperform” rating to a “neutral” rating in a report on Monday, August 26th. Benchmark reduced their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein lowered 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. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Barclays reduced 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. 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. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $177.78.

PDD Trading Up 2.4 %

NASDAQ PDD opened at $102.30 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The company has a 50-day simple moving average of $119.26 and a 200-day simple moving average of $128.42. The firm has a market capitalization of $140.75 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 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 analyst estimates of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business’s revenue was up 85.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 earnings per share. On average, equities analysts forecast that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

About PDD

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.