Fortis Capital Management LLC Has $241,000 Stake in PDD Holdings Inc. (NASDAQ:PDD)

Fortis Capital Management LLC boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 13.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,784 shares of the company’s stock after acquiring an additional 206 shares during the quarter. Fortis Capital Management LLC’s holdings in PDD were worth $241,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of PDD by 2.8% in the 3rd 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. lifted its stake in 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. boosted its holdings in PDD by 16.6% during the first quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock worth $1,370,767,000 after buying an additional 1,680,600 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock worth $786,237,000 after buying an additional 826,525 shares during the period. Finally, Tairen Capital Ltd increased its stake in shares of PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after acquiring an additional 1,788,076 shares during the last quarter. 29.07% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PDD. Sanford C. Bernstein reduced their price objective on shares of 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 decreased their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating for the company in a report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Daiwa America raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Citigroup lowered PDD from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $182.40.

PDD Trading Down 0.3 %

NASDAQ PDD opened at $113.41 on Thursday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The stock’s 50 day moving average price is $120.37 and its two-hundred day moving average price is $130.87. The stock has a market capitalization of $156.04 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.27 and a beta of 0.71.

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 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 company posted $1.27 earnings per share. The firm’s revenue was up 85.7% on a year-over-year basis. As a group, analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

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.