Charles Schwab Investment Management Inc. Purchases 22,319 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Charles Schwab Investment Management Inc. lifted its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 2.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 904,016 shares of the company’s stock after purchasing an additional 22,319 shares during the period. Charles Schwab Investment Management Inc. owned 0.07% of PDD worth $121,870,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its position in PDD by 39.5% in the first quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock worth $205,000 after purchasing an additional 500 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of PDD by 20.2% during the 1st quarter. California State Teachers Retirement System now owns 217,319 shares of the company’s stock worth $25,263,000 after purchasing an additional 36,595 shares during the period. iA Global Asset Management Inc. boosted its holdings in shares of PDD by 6.5% in the 1st quarter. iA Global Asset Management Inc. now owns 73,060 shares of the company’s stock worth $8,493,000 after buying an additional 4,467 shares during the last quarter. Artal Group S.A. grew its position in PDD by 73.8% during the first quarter. Artal Group S.A. now owns 56,500 shares of the company’s stock valued at $6,568,000 after buying an additional 24,000 shares during the period. Finally, Wahed Invest LLC increased its holdings in PDD by 39.0% during the first quarter. Wahed Invest LLC now owns 7,501 shares of the company’s stock worth $872,000 after buying an additional 2,103 shares during the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PDD shares. Barclays reduced their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark lowered their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday. Bank of America cut their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $173.40.

PDD Price Performance

Shares of NASDAQ:PDD opened at $100.69 on Tuesday. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a market cap of $138.54 billion, a P/E ratio of 9.83, a P/E/G ratio of 0.24 and a beta of 0.71. The company has a 50 day moving average of $123.31 and a 200 day moving average of $129.39.

PDD (NASDAQ:PDD) last released its quarterly 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. The firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 29.05% and a return on equity of 46.08%. The business’s quarterly revenue was up 85.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.27 earnings per share. As a group, sell-side analysts forecast that PDD Holdings Inc. will post 11.19 EPS 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.