EverSource Wealth Advisors LLC Buys 272 Shares of PDD Holdings Inc. (NASDAQ:PDD)

EverSource Wealth Advisors LLC raised its stake in PDD Holdings Inc. (NASDAQ:PDD) by 63.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 699 shares of the company’s stock after purchasing an additional 272 shares during the period. EverSource Wealth Advisors LLC’s holdings in PDD were worth $88,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PDD. Baillie Gifford & Co. increased its position in shares of PDD by 6.4% during the fourth quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock worth $5,553,962,000 after acquiring an additional 2,292,068 shares in the last quarter. Vanguard Group Inc. boosted its holdings in PDD by 0.4% during the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after purchasing an additional 97,648 shares during the last quarter. 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 purchasing an additional 1,680,600 shares during the last quarter. Norges Bank purchased a new position in PDD in the fourth quarter valued at about $1,075,172,000. Finally, Assenagon Asset Management S.A. boosted its stake in PDD by 15,755.1% in the first quarter. Assenagon Asset Management S.A. now owns 5,087,255 shares of the company’s stock valued at $591,393,000 after acquiring an additional 5,055,169 shares during the last quarter. 29.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Bank of America upped their price target on shares of PDD from $191.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Barclays upped their target price on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. UBS Group upped their target price on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $184.00 in a report on Friday, May 24th. Finally, Citigroup upped their target price 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $188.33.

PDD Trading Up 6.3 %

Shares of PDD stock traded up $7.91 on Tuesday, hitting $134.10. 5,106,104 shares of the company’s stock traded hands, compared to its average volume of 8,348,340. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. PDD Holdings Inc. has a one year low of $75.44 and a one year high of $164.69. The company’s fifty day simple moving average is $138.87 and its 200 day simple moving average is $132.21. The stock has a market capitalization of $184.50 billion, a price-to-earnings ratio of 17.59, a P/E/G ratio of 0.22 and a beta of 0.63.

PDD (NASDAQ:PDD) last released its earnings results on Wednesday, May 22nd. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $1.44 by $1.19. PDD had a net margin of 26.93% and a return on equity of 45.04%. The company had revenue of $12.02 billion for the quarter, compared to analyst estimates of $10.62 billion. Equities analysts forecast 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.