Balboa Wealth Partners Has $313,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

Balboa Wealth Partners trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 52.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,325 shares of the company’s stock after selling 2,595 shares during the quarter. Balboa Wealth Partners’ holdings in PDD were worth $313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. increased its holdings in PDD by 2.8% in the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after purchasing an additional 988,042 shares during the period. Vanguard Group Inc. increased its stake in shares of PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock valued at $2,820,408,000 after buying an additional 97,648 shares during the period. Hhlr Advisors LTD. increased its stake in shares of PDD by 16.6% in the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after buying an additional 1,680,600 shares during the period. Assenagon Asset Management S.A. raised its position in shares of PDD by 16.2% during the second quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after acquiring an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd lifted its stake in shares of PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after acquiring an additional 1,788,076 shares during the period. 29.07% of the stock is currently owned by institutional investors.

PDD Price Performance

PDD opened at $114.00 on Friday. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 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 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. The firm’s fifty day moving average price is $121.17 and its two-hundred day moving average price is $130.62.

PDD (NASDAQ:PDD) last posted its earnings results on Monday, August 26th. The company reported $23.24 EPS for the quarter, topping the consensus estimate 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 company’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.27 EPS. As a group, analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark lowered their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Barclays cut their target price on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Bank of America cut their price target on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $182.40.

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.