Penserra Capital Management LLC Sells 36,472 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Penserra Capital Management LLC decreased its position in PDD Holdings Inc. (NASDAQ:PDD) by 18.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 157,950 shares of the company’s stock after selling 36,472 shares during the period. Penserra Capital Management LLC’s holdings in PDD were worth $21,292,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in shares of PDD in the third quarter worth approximately $27,000. Venturi Wealth Management LLC purchased a new stake in PDD in the third quarter worth $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD in the second quarter worth $32,000. Richardson Financial Services Inc. lifted its stake in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after acquiring an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in PDD in the third quarter worth $34,000. Institutional investors own 29.07% of the company’s stock.

PDD Price Performance

PDD opened at $100.07 on Friday. The stock has a 50-day moving average price of $123.24 and a 200-day moving average price of $129.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. The firm has a market cap of $137.68 billion, a PE ratio of 9.77, a P/E/G ratio of 0.25 and a beta of 0.71. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $20.58. The firm had revenue of $97.06 billion during the quarter, compared to analyst estimates of $100.17 billion. PDD had a return on equity of 49.53% and a net margin of 29.05%. PDD’s quarterly revenue was up 85.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 EPS. Sell-side analysts predict that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PDD has been the subject of a number of research analyst reports. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark dropped their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $170.00 to $105.00 in a research note on Friday. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Barclays dropped their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, PDD presently has a consensus rating of “Buy” and an average price target of $173.40.

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.