MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Trims Holdings in PDD Holdings Inc. (NASDAQ:PDD)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH cut its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 40.9% during the second quarter, Holdings Channel reports. The institutional investor owned 74,909 shares of the company’s stock after selling 51,809 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH’s holdings in PDD were worth $9,959,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PDD. Baillie Gifford & Co. lifted its stake in PDD by 1.0% during the 2nd quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock valued at $4,670,322,000 after acquiring an additional 348,130 shares during the period. Vanguard Group Inc. lifted its stake in PDD by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after acquiring an additional 97,648 shares during the period. Hhlr Advisors LTD. lifted its stake in PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the period. Norges Bank bought a new position in PDD during the 4th quarter valued at about $1,075,172,000. Finally, Assenagon Asset Management S.A. increased its position in shares of PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after purchasing an additional 826,525 shares during the last quarter. 29.07% of the stock is owned by hedge funds and other institutional investors.

PDD Price Performance

PDD traded up $2.69 during trading on Friday, reaching $96.11. 32,972,152 shares of the company traded hands, compared to its average volume of 17,260,026. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.11. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a fifty day simple moving average of $132.27 and a 200 day simple moving average of $131.90. The company has a market cap of $132.23 billion, a P/E ratio of 12.73, a PEG ratio of 0.23 and a beta of 0.63.

PDD (NASDAQ:PDD) last posted its 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 firm had revenue of $97.06 billion during the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 48.14% and a net margin of 28.92%. The company’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.27 EPS. On average, equities analysts forecast that PDD Holdings Inc. will post 11.21 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Barclays reduced their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Daiwa America raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark reduced their price target on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Citigroup lowered shares of PDD from a “buy” rating to a “neutral” rating and reduced their price target for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $184.00 in a report on Friday, May 24th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $177.78.

PDD Company 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.