Los Angeles Capital Management LLC Acquires 8,566 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Los Angeles Capital Management LLC grew its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 7.7% in the fourth quarter, Holdings Channel reports. The firm owned 119,186 shares of the company’s stock after buying an additional 8,566 shares during the quarter. Los Angeles Capital Management LLC’s holdings in PDD were worth $17,438,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PDD. LGT Group Foundation purchased a new position in shares of PDD during the fourth quarter worth approximately $1,528,000. First Trust Direct Indexing L.P. increased its holdings in shares of PDD by 13.9% during the fourth quarter. First Trust Direct Indexing L.P. now owns 5,651 shares of the company’s stock valued at $827,000 after acquiring an additional 689 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in PDD during the 4th quarter worth about $259,000. Victory Capital Management Inc. lifted its stake in PDD by 7.1% during the 4th quarter. Victory Capital Management Inc. now owns 921,380 shares of the company’s stock valued at $134,807,000 after acquiring an additional 60,991 shares during the period. Finally, RWC Asset Advisors US LLC grew its holdings in PDD by 2.1% during the fourth quarter. RWC Asset Advisors US LLC now owns 1,923,791 shares of the company’s stock worth $281,470,000 after acquiring an additional 40,082 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on PDD shares. JPMorgan Chase & Co. cut their price objective on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, March 21st. Benchmark raised their price target on PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Citigroup upped their target price on shares of PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Barclays upped their target price on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Finally, Jefferies Financial Group lifted their price target on PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $146.85.

PDD Stock Up 1.9 %

Shares of NASDAQ PDD traded up $2.64 during trading hours on Friday, hitting $140.18. The stock had a trading volume of 11,575,696 shares, compared to its average volume of 8,344,514. The company has a market capitalization of $184.98 billion, a P/E ratio of 24.46, a P/E/G ratio of 0.36 and a beta of 0.67. The firm’s 50-day moving average price is $121.47 and its two-hundred day moving average price is $127.12. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.93 and a current ratio of 1.93. PDD Holdings Inc. has a 52 week low of $59.67 and a 52 week high of $152.99.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.81. PDD had a net margin of 24.23% and a return on equity of 39.10%. The business had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $11.80 billion. Analysts anticipate that PDD Holdings Inc. will post 7.85 EPS for the current fiscal year.

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.