CIBC Asset Management Inc Boosts Stake in PDD Holdings Inc. (NASDAQ:PDD)

CIBC Asset Management Inc boosted its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 4.5% during the third quarter, Holdings Channel.com reports. The fund owned 125,519 shares of the company’s stock after acquiring an additional 5,378 shares during the quarter. CIBC Asset Management Inc’s holdings in PDD were worth $16,921,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in shares of PDD in the third quarter valued at about $29,000. Ashton Thomas Private Wealth LLC bought a new stake in PDD during the 2nd quarter valued at approximately $32,000. Richardson Financial Services Inc. lifted its holdings in PDD by 3,883.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in PDD in the 3rd quarter worth approximately $34,000. Finally, Strategic Financial Concepts LLC purchased a new stake in PDD during the 2nd quarter valued at approximately $40,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PDD shares. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Barclays reduced their target price on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Citigroup lowered PDD from a “buy” rating to a “neutral” rating and dropped their price target for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group decreased their price objective on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, PDD has an average rating of “Buy” and an average price target of $182.40.

PDD Stock Up 1.5 %

Shares of PDD opened at $114.00 on Friday. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a market cap of $156.85 billion, a PE ratio of 12.28, a P/E/G ratio of 0.27 and a beta of 0.71. The business has a fifty day moving average of $121.17 and a 200 day moving average of $130.62.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.66 by $20.58. The company had revenue of $97.06 billion for the quarter, compared to analyst estimates of $100.17 billion. PDD had a net margin of 28.92% and a return on equity of 48.14%. The firm’s revenue for the quarter was up 85.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.27 EPS. On average, sell-side analysts expect that PDD Holdings Inc. will post 11.19 EPS for the current 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.