Rehmann Capital Advisory Group Raises Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Rehmann Capital Advisory Group lifted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 8.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,395 shares of the company’s stock after buying an additional 194 shares during the quarter. Rehmann Capital Advisory Group’s holdings in PDD were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of PDD by 11.7% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,750 shares of the company’s stock valued at $436,000 after purchasing an additional 394 shares during the last quarter. Whittier Trust Co. lifted its stake in shares of PDD by 14.5% during the 1st quarter. Whittier Trust Co. now owns 7,624 shares of the company’s stock valued at $886,000 after buying an additional 968 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in PDD by 8.9% in the 1st quarter. Daiwa Securities Group Inc. now owns 50,977 shares of the company’s stock worth $5,926,000 after buying an additional 4,174 shares in the last quarter. Janney Capital Management LLC purchased a new stake in shares of PDD during the first quarter worth about $4,332,000. Finally, Norden Group LLC purchased a new stake in shares of PDD during the first quarter worth about $1,289,000. Institutional investors own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Bank of America boosted their target price on shares of PDD from $191.00 to $206.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. UBS Group upped their price target on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Jefferies Financial Group upped their price target on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Sanford C. Bernstein upped their price target on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Finally, Citigroup upped their price target on shares of PDD from $185.00 to $198.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $188.33.

PDD Stock Performance

Shares of NASDAQ:PDD traded up $0.60 during trading on Wednesday, hitting $138.32. 2,883,836 shares of the stock traded hands, compared to its average volume of 8,703,887. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The company has a market cap of $190.31 billion, a price-to-earnings ratio of 18.34, a P/E/G ratio of 0.23 and a beta of 0.63. The company has a fifty day moving average price of $142.81 and a two-hundred day moving average price of $134.13. PDD Holdings Inc. has a 52-week low of $70.14 and a 52-week high of $164.69.

PDD (NASDAQ:PDD) last posted its earnings results on Wednesday, May 22nd. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $1.44 by $1.19. The firm had revenue of $12.02 billion during the quarter, compared to analyst estimates of $10.62 billion. PDD had a net margin of 26.93% and a return on equity of 45.04%. As a group, equities analysts predict that PDD Holdings Inc. will post 11.41 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.