486,125 Shares in PDD Holdings Inc. (NASDAQ:PDD) Purchased by International Assets Investment Management LLC

International Assets Investment Management LLC purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 486,125 shares of the company’s stock, valued at approximately $65,535,000.

Other large investors have also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC acquired a new position in shares of PDD in the 2nd quarter valued at $32,000. Richardson Financial Services Inc. raised its position in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in PDD during the third quarter worth about $34,000. Strategic Financial Concepts LLC acquired a new stake in PDD during the second quarter valued at approximately $40,000. Finally, Mather Group LLC. grew its stake in shares of PDD by 1,106.3% in the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares during the period. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Bank of America decreased their price target on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and reduced their target price for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Barclays reduced 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, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. One equities research 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, the stock presently has a consensus rating of “Buy” and a consensus target price of $182.40.

PDD Stock Up 0.9 %

Shares of NASDAQ PDD opened at $122.47 on Friday. The firm’s 50-day simple moving average is $119.25 and its 200 day simple moving average is $130.64. The company has a market cap of $168.50 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 0.31 and a beta of 0.71. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.27 EPS. On average, research analysts expect that PDD Holdings Inc. will post 11.05 earnings per share 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.