Freemont Capital Pte Ltd Purchases 5,000 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Freemont Capital Pte Ltd raised its position in PDD Holdings Inc. (NASDAQ:PDD) by 23.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 26,000 shares of the company’s stock after purchasing an additional 5,000 shares during the period. PDD comprises approximately 16.3% of Freemont Capital Pte Ltd’s holdings, making the stock its 3rd largest position. Freemont Capital Pte Ltd’s holdings in PDD were worth $3,505,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. TB Alternative Assets Ltd. increased its position in PDD by 33.7% in the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after acquiring an additional 43,648 shares during the period. Vontobel Holding Ltd. grew its stake in shares of PDD by 13.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of PDD by 63.7% in the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after purchasing an additional 89,853 shares during the period. BOCHK Asset Management Ltd raised its stake in shares of PDD by 3,391.7% during the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after purchasing an additional 40,700 shares during the last quarter. Finally, M&G PLC lifted its holdings in shares of PDD by 14.2% during the third quarter. M&G PLC now owns 247,417 shares of the company’s stock worth $33,401,000 after purchasing an additional 30,817 shares during the period. 29.07% of the stock is owned by institutional investors and hedge funds.

PDD Stock Performance

PDD opened at $114.00 on Friday. The stock’s 50 day simple moving average is $121.59 and its 200 day simple moving average is $130.57. The stock has a market cap of $156.85 billion, a P/E ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 0.71. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The company had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. The company’s revenue for the quarter was up 85.7% compared to the same quarter last year. As a group, equities analysts anticipate that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barclays dropped their price objective 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. Sanford C. Bernstein dropped their price target 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. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Bank of America cut their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has an average rating of “Buy” and an average target price of $182.40.

PDD 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.