Oppenheimer & Co. Inc. Sells 7,284 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Oppenheimer & Co. Inc. cut its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 31.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,747 shares of the company’s stock after selling 7,284 shares during the period. Oppenheimer & Co. Inc.’s holdings in PDD were worth $2,123,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PDD. Prime Capital Investment Advisors LLC grew its stake in shares of PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of PDD by 4.6% during the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock valued at $359,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC increased its position in shares of PDD by 5.3% during the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock valued at $324,000 after buying an additional 122 shares during the period. Legacy Capital Group California Inc. raised its position in shares of PDD by 6.8% in 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 in the last quarter. Finally, CWM LLC grew its stake in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after purchasing an additional 169 shares during the period. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

PDD Trading Up 1.5 %

PDD stock opened at $114.00 on Friday. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a 50 day moving average of $121.59 and a 200 day moving average of $130.53. The firm has a market capitalization of $156.85 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 0.71.

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

Analyst Ratings Changes

A number of brokerages have weighed in on PDD. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Citigroup cut 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. Bank of America dropped their target price 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, Barclays decreased their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, PDD currently 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.