Avior Wealth Management LLC Raises Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Avior Wealth Management LLC lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 50.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 501 shares of the company’s stock after buying an additional 169 shares during the quarter. Avior Wealth Management LLC’s holdings in PDD were worth $68,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Baillie Gifford & Co. boosted its stake in shares of PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock worth $4,868,859,000 after buying an additional 988,042 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after buying an additional 826,525 shares during the period. Tairen Capital Ltd boosted its stake in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares during the period. Legal & General Group Plc boosted its stake in shares of PDD by 13.0% during the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock worth $708,944,000 after buying an additional 612,119 shares during the period. Finally, E Fund Management Co. Ltd. boosted its stake in shares of PDD by 1.3% during the second quarter. E Fund Management Co. Ltd. now owns 4,619,649 shares of the company’s stock worth $614,182,000 after buying an additional 58,370 shares during the period. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Stock Performance

NASDAQ:PDD opened at $100.07 on Monday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $137.68 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 0.25 and a beta of 0.71. The firm’s fifty day simple moving average is $123.24 and its 200 day simple moving average is $129.64. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

PDD (NASDAQ:PDD) last posted its 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 29.05% and a return on equity of 49.53%. The business 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 business posted $1.27 EPS. The business’s quarterly revenue was up 85.7% on a year-over-year basis. As a group, equities research analysts expect that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PDD. Sanford C. Bernstein reduced their price objective on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and reduced their price target for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Jefferies Financial Group dropped their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday. Barclays dropped their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Finally, Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Two 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’s stock. Based on data from MarketBeat.com, PDD currently has an average rating of “Buy” and a consensus target price of $173.40.

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.