Ritholtz Wealth Management Sells 3,080 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Ritholtz Wealth Management lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 18.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,480 shares of the company’s stock after selling 3,080 shares during the period. Ritholtz Wealth Management’s holdings in PDD were worth $1,817,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PDD. Ballentine Partners LLC increased its holdings in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after acquiring an additional 120 shares during the last quarter. Parallel Advisors LLC lifted 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 buying an additional 122 shares during the last quarter. Legacy Capital Group California Inc. lifted its position in PDD by 6.8% in the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after purchasing an additional 133 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in PDD by 1.2% in the first quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock valued at $1,629,000 after purchasing an additional 168 shares during the last quarter. Finally, CWM LLC lifted 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 and hedge funds own 29.07% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on PDD. Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Sanford C. Bernstein lowered their price target on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and lowered their target price for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. Benchmark lowered their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Finally, Bank of America decreased their price objective on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. One research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $182.40.

PDD Price Performance

Shares of PDD stock opened at $144.76 on Monday. 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 quick ratio of 2.11 and a current ratio of 2.11. The stock has a market cap of $199.17 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.35 and a beta of 0.71. The stock has a 50 day moving average price of $121.88 and a 200-day moving average price of $130.24.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. PDD had a return on equity of 48.14% and a net margin of 28.92%. The business had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. During the same period in the previous year, the company posted $1.27 EPS. PDD’s revenue was up 85.7% on a year-over-year basis. Equities analysts expect that PDD Holdings Inc. will post 11.05 EPS for the current year.

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.