Oppenheimer & Co. Inc. Decreases Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Oppenheimer & Co. Inc. decreased its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 31.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,747 shares of the company’s stock after selling 7,284 shares during the period. Oppenheimer & Co. Inc.’s holdings in PDD were worth $2,123,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. TB Alternative Assets Ltd. increased its position in PDD by 33.7% in the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after purchasing an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after buying an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. lifted its holdings in shares of PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after acquiring an additional 89,853 shares during the last quarter. BOCHK Asset Management Ltd grew its position in PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after acquiring an additional 40,700 shares in the last quarter. Finally, M&G PLC grew its position in PDD by 14.2% in the third quarter. M&G PLC now owns 247,417 shares of the company’s stock worth $33,401,000 after acquiring an additional 30,817 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PDD shares. Benchmark decreased their price objective on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Bank of America lowered their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Jefferies Financial Group reduced their target price on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, PDD currently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Trading Up 1.5 %

Shares of PDD opened at $114.00 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The firm 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. The company has a 50-day moving average of $121.59 and a 200 day moving average of $130.53. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the previous year, the firm posted $1.27 earnings per share. The company’s revenue was up 85.7% on a year-over-year basis. On average, research analysts expect that PDD Holdings Inc. will post 11.19 EPS 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.