Coronation Fund Managers Ltd. Has $123.01 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Coronation Fund Managers Ltd. boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 19.6% during the third quarter, HoldingsChannel.com reports. The fund owned 912,484 shares of the company’s stock after purchasing an additional 149,837 shares during the period. PDD accounts for 6.8% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 2nd largest holding. Coronation Fund Managers Ltd.’s holdings in PDD were worth $123,012,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PDD. Ashton Thomas Private Wealth LLC bought a new position in shares of PDD during the second quarter valued at $32,000. Richardson Financial Services Inc. lifted its holdings in PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after purchasing an additional 233 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in PDD during the 3rd quarter valued at about $34,000. Strategic Financial Concepts LLC acquired a new position in PDD in the second quarter valued at about $40,000. Finally, Mather Group LLC. grew its stake in PDD by 1,106.3% during the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after buying an additional 354 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the topic of several recent analyst reports. Barclays reduced their target price on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Sanford C. Bernstein reduced their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Bank of America lowered their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $126.00 to $224.00 in a research report on Monday, October 7th. One 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 company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $182.40.

PDD Stock Down 0.0 %

Shares of NASDAQ PDD opened at $120.56 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. The firm has a market capitalization of $165.87 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 0.29 and a beta of 0.71. The firm’s 50-day moving average is $116.94 and its 200-day moving average is $130.90. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The firm 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%. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period last year, the firm earned $1.27 earnings per share. Equities analysts expect that PDD Holdings Inc. will post 11.19 EPS for the current year.

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.