PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Morningstar Investment Management LLC

Morningstar Investment Management LLC cut its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 24.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,016 shares of the company’s stock after selling 4,843 shares during the period. Morningstar Investment Management LLC’s holdings in PDD were worth $1,996,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC raised its position in PDD by 2.6% in the first quarter. Checchi Capital Advisers LLC now owns 3,823 shares of the company’s stock valued at $444,000 after purchasing an additional 98 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of PDD by 31.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the company’s stock worth $62,000 after acquiring an additional 101 shares during the period. Ballentine Partners LLC increased its position in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after acquiring an additional 120 shares during the period. Legacy Capital Group California Inc. increased its position in shares of PDD by 6.8% during the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock worth $277,000 after acquiring an additional 133 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in shares of PDD by 1.2% during the first quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock worth $1,629,000 after acquiring an additional 168 shares during the period. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PDD has been the topic of a number of recent research reports. The Goldman Sachs Group raised PDD from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $145.00 to $184.00 in a research report on Friday, May 24th. Bank of America dropped their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. UBS Group increased their target price on PDD from $248.00 to $272.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Finally, Benchmark dropped 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. Two investment 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 data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $177.78.

PDD Stock Performance

NASDAQ PDD opened at $97.33 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. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a market capitalization of $133.91 billion, a PE ratio of 12.89, a P/E/G ratio of 0.23 and a beta of 0.69. The company has a fifty day moving average of $124.76 and a two-hundred day moving average of $129.54.

PDD (NASDAQ:PDD) last announced its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping 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 business had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The business’s quarterly revenue was up 85.7% compared to the same quarter last year. As a group, analysts expect that PDD Holdings Inc. will post 11.05 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.