SVB Wealth LLC Cuts Position in PDD Holdings Inc. (NASDAQ:PDD)

SVB Wealth LLC trimmed its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 10.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,981 shares of the company’s stock after selling 446 shares during the period. SVB Wealth LLC’s holdings in PDD were worth $463,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PDD. Future Financial Wealth Managment LLC bought a new stake in PDD during the 1st quarter valued at about $29,000. Gordian Capital Singapore Pte Ltd bought a new position in PDD in the 4th quarter valued at approximately $59,000. EverSource Wealth Advisors LLC lifted its position in PDD by 31.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock valued at $62,000 after acquiring an additional 101 shares in the last quarter. AJOVista LLC purchased a new stake in PDD during the 4th quarter valued at $103,000. Finally, Royal London Asset Management Ltd. bought a new stake in shares of PDD in the 4th quarter worth $112,000. 29.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Benchmark upped their target price on shares of PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. UBS Group raised their price objective on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $184.00 in a report on Friday, May 24th. Citigroup boosted their price objective on shares of PDD from $185.00 to $198.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, Bank of America raised their target price on PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $188.33.

PDD Price Performance

NASDAQ PDD traded down $1.53 during trading hours on Tuesday, reaching $126.06. The company’s stock had a trading volume of 1,537,284 shares, compared to its average volume of 8,393,177. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 1 year low of $75.44 and a 1 year high of $164.69. The firm’s 50-day moving average price is $141.42 and its 200-day moving average price is $132.85. The company has a market capitalization of $173.44 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 0.23 and a beta of 0.63.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Wednesday, May 22nd. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $1.19. The business had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $10.62 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. On average, equities research analysts predict that PDD Holdings Inc. will post 11.41 EPS for the current fiscal 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.