Banco Santander S.A. Grows Stake in PDD Holdings Inc. (NASDAQ:PDD)

Banco Santander S.A. lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,864 shares of the company’s stock after purchasing an additional 602 shares during the period. Banco Santander S.A.’s holdings in PDD were worth $1,465,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. TB Alternative Assets Ltd. raised its stake in shares of PDD by 33.7% in the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after buying an additional 43,648 shares during the period. Vontobel Holding Ltd. increased its holdings in PDD by 13.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after acquiring an additional 27,567 shares during the last quarter. Jupiter Asset Management Ltd. raised its stake in PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after acquiring an additional 89,853 shares during the period. BOCHK Asset Management Ltd lifted its holdings in PDD by 3,391.7% during 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 during the last quarter. Finally, M&G PLC boosted its position in PDD by 14.2% during the third quarter. M&G PLC now owns 247,417 shares of the company’s stock worth $33,401,000 after purchasing an additional 30,817 shares during the period. Institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of recent research reports. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Barclays reduced their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Sanford C. Bernstein dropped their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Daiwa America raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Two equities 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $173.40.

PDD Price Performance

Shares of NASDAQ:PDD opened at $100.07 on Friday. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. 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 capitalization of $137.68 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 0.25 and a beta of 0.71. The company’s fifty day moving average price is $123.24 and its 200-day moving average price is $129.77.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $20.58. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. PDD had a return on equity of 49.53% and a net margin of 29.05%. The company’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same quarter last year, the business posted $1.27 earnings per share. On average, equities research analysts anticipate that PDD Holdings Inc. will post 11.19 earnings per share for the current fiscal 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.