Balboa Wealth Partners Sells 2,595 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Balboa Wealth Partners reduced its position in PDD Holdings Inc. (NASDAQ:PDD) by 52.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,325 shares of the company’s stock after selling 2,595 shares during the period. Balboa Wealth Partners’ holdings in PDD were worth $313,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Bleakley Financial Group LLC lifted its position in shares of PDD by 6.0% during the first quarter. Bleakley Financial Group LLC now owns 4,969 shares of the company’s stock worth $578,000 after acquiring an additional 283 shares in the last quarter. Blair William & Co. IL lifted its holdings in PDD by 34.6% during the 1st quarter. Blair William & Co. IL now owns 3,102 shares of the company’s stock worth $361,000 after purchasing an additional 798 shares in the last quarter. Banco Santander S.A. bought a new position in PDD in the 1st quarter worth about $558,000. Jupiter Asset Management Ltd. grew its holdings in PDD by 122.9% during the 1st quarter. Jupiter Asset Management Ltd. now owns 141,064 shares of the company’s stock valued at $16,399,000 after buying an additional 77,781 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of PDD by 0.4% during the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after buying an additional 97,648 shares during the period. 29.07% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PDD has been the subject of a number of analyst reports. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Bank of America decreased their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group reduced their target price on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $182.40.

PDD Trading Up 1.5 %

NASDAQ PDD opened at $114.00 on Friday. 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’s 50-day simple moving average is $121.17 and its two-hundred day simple moving average is $130.62. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a market capitalization of $156.85 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 0.27 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. PDD’s revenue for the quarter was up 85.7% compared to the same quarter last year. During the same period last year, the firm posted $1.27 EPS. Research analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

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.