Navellier & Associates Inc. Sells 1,422 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Navellier & Associates Inc. lessened its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 14.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,687 shares of the company’s stock after selling 1,422 shares during the period. Navellier & Associates Inc.’s holdings in PDD were worth $1,171,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of PDD. Massachusetts Financial Services Co. MA grew its position in shares of PDD by 63.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 669,605 shares of the company’s stock worth $90,269,000 after buying an additional 259,937 shares during the period. Anthracite Investment Company Inc. acquired a new position in PDD during the 3rd quarter worth approximately $4,044,000. Advisors Asset Management Inc. boosted its holdings in PDD by 39.9% in the third quarter. Advisors Asset Management Inc. now owns 4,148 shares of the company’s stock worth $559,000 after acquiring an additional 1,184 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of PDD in the 3rd quarter worth $27,000. Finally, Avior Wealth Management LLC grew its position in PDD by 50.9% in the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock valued at $68,000 after purchasing an additional 169 shares during the period. Institutional investors own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PDD. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America decreased their price objective on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Barclays cut their target price on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. 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 research report on Monday, October 7th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $184.40.

PDD Trading Down 10.6 %

Shares of PDD stock opened at $104.14 on Friday. The company has a 50 day moving average of $123.14 and a 200-day moving average of $130.03. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a market cap of $143.28 billion, a P/E ratio of 11.22, a PEG ratio of 0.28 and a beta of 0.71. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating 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 firm had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the prior year, the firm earned $1.27 EPS. The business’s revenue for the quarter was up 85.7% compared to the same quarter last year. Sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

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.