Monolith Management Ltd Has $24.19 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Monolith Management Ltd decreased its position in PDD Holdings Inc. (NASDAQ:PDD) by 45.9% during the third quarter, HoldingsChannel reports. The firm owned 179,401 shares of the company’s stock after selling 152,067 shares during the quarter. PDD comprises approximately 14.1% of Monolith Management Ltd’s holdings, making the stock its biggest position. Monolith Management Ltd’s holdings in PDD were worth $24,185,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Prospera Private Wealth LLC acquired a new stake in PDD in the 3rd quarter valued at approximately $27,000. Venturi Wealth Management LLC bought a new position in PDD during the third quarter worth $29,000. Ashton Thomas Private Wealth LLC acquired a new position in PDD during the 2nd quarter valued at $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% in 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 period. Finally, Future Financial Wealth Managment LLC acquired a new stake in PDD in the 3rd quarter worth $34,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Down 3.9 %

NASDAQ PDD opened at $100.07 on Monday. The stock’s 50 day simple moving average is $123.24 and its 200 day simple moving average is $129.64. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The firm has a market cap of $137.68 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 0.24 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

PDD (NASDAQ:PDD) last announced 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. PDD had a return on equity of 46.08% and a net margin of 29.05%. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the prior year, the business earned $1.27 earnings per share. The business’s revenue for the quarter was up 85.7% on a year-over-year basis. As a group, sell-side analysts forecast that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on PDD shares. Benchmark cut their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday. Sanford C. Bernstein decreased their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $170.00 to $105.00 in a research report on Friday. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Finally, Barclays dropped their price objective 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. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $173.40.

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.