Victory Capital Management Inc. Lowers Position in PDD Holdings Inc. (NASDAQ:PDD)

Victory Capital Management Inc. decreased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 59.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 390,437 shares of the company’s stock after selling 566,593 shares during the period. Victory Capital Management Inc.’s holdings in PDD were worth $52,635,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Prime Capital Investment Advisors LLC boosted its holdings in PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after acquiring an additional 89 shares during the last quarter. Ballentine Partners LLC boosted its holdings in 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 purchasing an additional 120 shares during the last quarter. Parallel Advisors LLC grew its position in PDD by 5.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after purchasing an additional 122 shares in the last quarter. Legacy Capital Group California Inc. lifted its position in shares of 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 buying an additional 133 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of PDD by 19.3% in the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after buying an additional 169 shares during the last quarter. Institutional investors own 29.07% of the company’s stock.

PDD Trading Down 1.0 %

Shares of PDD opened at $112.33 on Friday. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The stock has a market cap of $154.55 billion, a PE ratio of 12.10, a P/E/G ratio of 0.27 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. The business’s 50-day moving average price is $120.78 and its 200-day moving average price is $130.75.

PDD (NASDAQ:PDD) last posted 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 business had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. During the same quarter in the prior year, the firm posted $1.27 EPS. PDD’s revenue was up 85.7% on a year-over-year basis. On average, equities analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PDD shares. Benchmark decreased their price target on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Finally, Bank of America lowered their price target 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. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, PDD presently has an average rating of “Buy” and a consensus 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.