Fortis Capital Management LLC Has $241,000 Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Fortis Capital Management LLC raised its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 13.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,784 shares of the company’s stock after buying an additional 206 shares during the quarter. Fortis Capital Management LLC’s holdings in PDD were worth $241,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. ICICI Prudential Asset Management Co Ltd raised its position in shares of PDD by 18.8% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 8,719 shares of the company’s stock valued at $1,175,000 after buying an additional 1,382 shares during the last quarter. Prime Capital Investment Advisors LLC raised its holdings in PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after acquiring an additional 89 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of PDD by 16.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,680,380 shares of the company’s stock worth $226,532,000 after acquiring an additional 232,181 shares during the period. Baillie Gifford & Co. grew its holdings in shares of PDD by 2.8% during the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock worth $4,868,859,000 after purchasing an additional 988,042 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of PDD by 21.2% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 274,895 shares of the company’s stock valued at $36,979,000 after purchasing an additional 48,007 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

PDD Stock Performance

Shares of NASDAQ:PDD opened at $113.41 on Thursday. The business has a fifty day moving average of $120.37 and a 200-day moving average of $130.87. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The firm has a market cap of $156.04 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 0.27 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its 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 net margin of 28.92% and a return on equity of 48.14%. The company had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the previous year, the firm posted $1.27 earnings per share. The company’s revenue was up 85.7% on a year-over-year basis. On average, equities research analysts predict that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PDD shares. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Barclays lowered their target price 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. Daiwa America raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Citigroup lowered PDD from a “buy” rating to a “neutral” rating and decreased their price target for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price 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.