Janney Capital Management LLC Has $7.78 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Janney Capital Management LLC trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 3.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,706 shares of the company’s stock after selling 1,937 shares during the period. Janney Capital Management LLC’s holdings in PDD were worth $7,779,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PDD. Norden Group LLC bought a new position in PDD in the first quarter valued at approximately $1,289,000. Van ECK Associates Corp increased its stake in shares of PDD by 112.8% in the 1st quarter. Van ECK Associates Corp now owns 34,293 shares of the company’s stock valued at $3,987,000 after purchasing an additional 18,178 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of PDD by 8.9% during the 1st quarter. Daiwa Securities Group Inc. now owns 50,977 shares of the company’s stock worth $5,926,000 after buying an additional 4,174 shares in the last quarter. Whittier Trust Co. lifted its position in shares of PDD by 14.5% during the 1st quarter. Whittier Trust Co. now owns 7,624 shares of the company’s stock worth $886,000 after buying an additional 968 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in PDD by 11.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,750 shares of the company’s stock valued at $436,000 after buying an additional 394 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Benchmark lowered their target price on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Barclays decreased their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Finally, Sanford C. Bernstein dropped their price target on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, PDD has a consensus rating of “Buy” and an average target price of $182.40.

PDD Price Performance

Shares of NASDAQ:PDD opened at $120.56 on Friday. The firm has a market cap of $165.87 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.29 and a beta of 0.71. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The firm’s fifty day moving average is $116.94 and its 200-day moving average is $130.90. 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 (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating 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 firm had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter in the previous year, the company posted $1.27 EPS. The business’s revenue was up 85.7% on a year-over-year basis. Sell-side analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

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.