Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 16.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,680,380 shares of the company’s stock after acquiring an additional 232,181 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $226,532,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. TB Alternative Assets Ltd. lifted its stake in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after acquiring an additional 43,648 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. boosted its stake in shares of PDD by 63.7% in the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after purchasing an additional 89,853 shares during the period. BOCHK Asset Management Ltd grew its holdings in shares of PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after purchasing an additional 40,700 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. increased its stake in PDD by 3.0% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 512,564 shares of the company’s stock worth $69,099,000 after buying an additional 14,871 shares during the period. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

Shares of PDD stock opened at $113.80 on Wednesday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The firm’s 50 day moving average is $120.05 and its two-hundred day moving average is $130.98. The firm has a market capitalization of $156.57 billion, a P/E ratio of 12.26, a P/E/G ratio of 0.28 and a beta of 0.71.

PDD (NASDAQ:PDD) last issued its earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.66 by $20.58. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion during the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the prior year, the business posted $1.27 EPS. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. Research analysts forecast that PDD Holdings Inc. will post 11.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. 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. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the company 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. Finally, Barclays reduced their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, PDD currently has an average rating of “Buy” and a consensus target price of $182.40.

PDD 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.