WCM Investment Management LLC Reduces Stake in PDD Holdings Inc. (NASDAQ:PDD)

WCM Investment Management LLC lowered its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 10.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,683 shares of the company’s stock after selling 186 shares during the quarter. WCM Investment Management LLC’s holdings in PDD were worth $228,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV lifted its holdings in shares of PDD by 317.0% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 10,983 shares of the company’s stock valued at $1,481,000 after buying an additional 8,349 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of PDD during the 3rd quarter worth approximately $29,000. Baker Avenue Asset Management LP acquired a new position in shares of PDD in the 3rd quarter valued at $614,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in PDD by 176.1% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,850 shares of the company’s stock valued at $243,000 after buying an additional 1,180 shares in the last quarter. Finally, Fiera Capital Corp raised its position in shares of PDD by 172.2% in the third quarter. Fiera Capital Corp now owns 14,180 shares of the company’s stock worth $1,912,000 after acquiring an additional 8,971 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Price Performance

Shares of PDD stock opened at $113.80 on Wednesday. The company has a market capitalization of $156.57 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 0.28 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The firm’s 50-day moving average is $120.05 and its two-hundred day moving average is $130.98. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69.

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 analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same period in the prior year, the business posted $1.27 EPS. The company’s revenue was up 85.7% compared to the same quarter last year. Analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PDD. Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Jefferies Financial Group reduced their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Barclays cut their target price 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. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Benchmark decreased their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, PDD has an average rating of “Buy” and an average price target of $182.40.

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.