PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its stake in PDD Holdings Inc. (NASDAQ:PDD) by 70.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,037 shares of the company’s stock after selling 58,084 shares during the quarter. Thrivent Financial for Lutherans’ holdings in PDD were worth $3,240,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PDD. Prime Capital Investment Advisors LLC raised its position in shares of PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after acquiring an additional 120 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of PDD by 5.3% in the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after acquiring an additional 122 shares in the last quarter. Legacy Capital Group California Inc. boosted its stake in shares of PDD by 6.8% in 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 last quarter. Finally, OneDigital Investment Advisors LLC increased its position in shares of PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after purchasing an additional 166 shares in the last quarter. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on PDD. Bank of America decreased their price objective on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein lowered their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Jefferies Financial Group lowered their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and increased their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. Two research 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $173.40.

PDD Stock Performance

NASDAQ PDD opened at $100.69 on Tuesday. The stock has a fifty day simple moving average of $123.31 and a 200-day simple moving average of $129.39. 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 PE ratio of 9.83, a P/E/G ratio of 0.24 and a beta of 0.71. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

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 29.05% and a return on equity of 46.08%. The company had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same quarter last year, the firm posted $1.27 earnings per share. PDD’s revenue was up 85.7% compared to the same quarter last year. Equities analysts anticipate that PDD Holdings Inc. will post 11.19 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.