GM Advisory Group LLC Purchases Shares of 3,040 PDD Holdings Inc. (NASDAQ:PDD)

GM Advisory Group LLC purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,040 shares of the company’s stock, valued at approximately $410,000.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in PDD by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 904,016 shares of the company’s stock worth $121,870,000 after buying an additional 22,319 shares during the last quarter. Banco Santander S.A. increased its holdings in PDD by 5.9% during the third quarter. Banco Santander S.A. now owns 10,864 shares of the company’s stock worth $1,465,000 after buying an additional 602 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in PDD by 63.5% during the third 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 last quarter. Anthracite Investment Company Inc. acquired a new position in PDD during the third quarter worth $4,044,000. Finally, Advisors Asset Management Inc. increased its holdings in PDD by 39.9% during the third quarter. Advisors Asset Management Inc. now owns 4,148 shares of the company’s stock worth $559,000 after buying an additional 1,184 shares during the last quarter. Institutional investors own 29.07% of the company’s stock.

PDD Trading Down 3.9 %

PDD stock opened at $100.07 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The company’s 50-day simple moving average is $123.24 and its 200 day simple moving average is $129.77. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a market capitalization of $137.68 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.25 and a beta of 0.71.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 49.53%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the company posted $1.27 earnings per share. PDD’s revenue was up 85.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PDD. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. Jefferies Financial Group decreased their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday. Benchmark decreased their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday. Bank of America decreased their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $173.40.

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.