Mirae Asset Global Investments Co. Ltd. Has $73.42 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 544,594 shares of the company’s stock after selling 149,678 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in PDD were worth $73,417,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Acadian Asset Management LLC raised its position in PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after acquiring an additional 1,904,155 shares in the last quarter. Tairen Capital Ltd lifted its stake in PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares during the last quarter. Hhlr Advisors LTD. grew its holdings in PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after purchasing an additional 1,680,600 shares during the period. Dragoneer Investment Group LLC increased its position in PDD by 142.6% during the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after buying an additional 1,540,346 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in PDD in the second quarter valued at approximately $176,332,000. 29.07% of the stock is currently owned by institutional investors.

PDD Stock Up 0.9 %

NASDAQ:PDD opened at $122.47 on Friday. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The company has a market cap of $168.50 billion, a PE ratio of 16.22, a P/E/G ratio of 0.31 and a beta of 0.71. The firm’s 50 day simple moving average is $119.78 and its 200 day simple moving average is $130.60.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. PDD’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.27 earnings per share. On average, research analysts anticipate that PDD Holdings Inc. will post 11.05 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PDD. Jefferies Financial Group decreased their target price on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Sanford C. Bernstein reduced their price objective 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. Bank of America dropped their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Benchmark reduced their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, PDD has a consensus rating of “Buy” and an average 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.