PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 34.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 653,896 shares of the company’s stock after selling 348,617 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in PDD were worth $88,152,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Blair William & Co. IL lifted its position in PDD by 34.6% in the first quarter. Blair William & Co. IL now owns 3,102 shares of the company’s stock worth $361,000 after purchasing an additional 798 shares during the period. Edgestream Partners L.P. boosted its stake in PDD by 50.8% during the first quarter. Edgestream Partners L.P. now owns 6,276 shares of the company’s stock valued at $730,000 after buying an additional 2,113 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in PDD by 19.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 45,342 shares of the company’s stock worth $5,271,000 after acquiring an additional 7,337 shares during the period. Natixis raised its position in PDD by 556.8% in the first quarter. Natixis now owns 14,897 shares of the company’s stock worth $1,732,000 after acquiring an additional 12,629 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in PDD by 39.5% in the 1st quarter. Advisors Asset Management Inc. now owns 1,767 shares of the company’s stock valued at $205,000 after acquiring an additional 500 shares during the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on PDD shares. Nomura Securities upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Benchmark cut their price objective on PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Jefferies Financial Group reduced their price objective on PDD from $193.00 to $151.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Macquarie raised 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 research report on Monday, October 7th. Finally, Bank of America decreased their price target on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $182.40.

PDD Stock Performance

Shares of PDD opened at $117.68 on Wednesday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The company has a market capitalization of $161.91 billion, a PE ratio of 12.68, a PEG ratio of 0.27 and a beta of 0.71. The company’s 50 day moving average price is $122.58 and its 200 day moving average price is $130.31.

PDD (NASDAQ:PDD) last posted its quarterly earnings results 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. PDD had a net margin of 28.92% and a return on equity of 48.14%. The business had revenue of $97.06 billion for the quarter, compared to the consensus estimate of $100.17 billion. During the same period in the prior year, the business posted $1.27 earnings per share. PDD’s revenue for the quarter was up 85.7% compared to the same quarter last year. Research analysts expect that PDD Holdings Inc. will post 11.19 EPS 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.