OVERSEA CHINESE BANKING Corp Ltd Has $36.98 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 274,895 shares of the company’s stock after buying an additional 48,007 shares during the quarter. PDD comprises approximately 1.0% of OVERSEA CHINESE BANKING Corp Ltd’s investment portfolio, making the stock its 23rd biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in PDD were worth $36,979,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Ballentine Partners LLC grew its stake in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after buying an additional 120 shares during the last quarter. Parallel Advisors LLC grew its position in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after acquiring an additional 122 shares during the last quarter. Legacy Capital Group California Inc. grew its position in PDD by 6.8% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock worth $277,000 after acquiring an additional 133 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in PDD by 1.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock worth $1,629,000 after purchasing an additional 168 shares in the last quarter. Finally, CWM LLC raised its position in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after purchasing an additional 169 shares during the last quarter. Institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

NASDAQ:PDD opened at $117.15 on Tuesday. 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 Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a fifty day moving average of $119.63 and a 200-day moving average of $131.04. The firm has a market capitalization of $161.18 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.28 and a beta of 0.71.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PDD shares. Jefferies Financial Group lowered their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and dropped their price target for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Daiwa America upgraded PDD to a “strong-buy” rating in a research report 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 MarketBeat.com, the company currently has an average rating of “Buy” and a consensus 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.