Genesis Investment Management LLP Sells 958,352 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Genesis Investment Management LLP decreased its stake in PDD Holdings Inc. (NASDAQ:PDD) by 50.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 943,058 shares of the company’s stock after selling 958,352 shares during the quarter. PDD makes up 27.0% of Genesis Investment Management LLP’s holdings, making the stock its biggest position. Genesis Investment Management LLP’s holdings in PDD were worth $137,979,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Captrust Financial Advisors grew its position in shares of PDD by 108.5% in the first quarter. Captrust Financial Advisors now owns 636 shares of the company’s stock valued at $26,000 after purchasing an additional 331 shares during the period. SRS Capital Advisors Inc. grew its position in shares of PDD by 294.4% in the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock valued at $27,000 after purchasing an additional 209 shares during the period. Altshuler Shaham Ltd acquired a new stake in shares of PDD in the fourth quarter valued at about $43,000. Turim 21 Investimentos Ltda. purchased a new position in shares of PDD in the third quarter worth about $55,000. Finally, Wahed Invest LLC purchased a new position in shares of PDD in the first quarter worth about $70,000. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Stock Down 0.4 %

Shares of PDD stock traded down $0.43 during trading on Wednesday, reaching $113.09. The company’s stock had a trading volume of 1,711,782 shares, compared to its average volume of 8,236,981. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.83. The company has a market capitalization of $149.23 billion, a price-to-earnings ratio of 19.76, a P/E/G ratio of 0.30 and a beta of 0.67. The stock’s 50-day moving average price is $123.16 and its 200 day moving average price is $125.74. PDD Holdings Inc. has a 1-year low of $59.67 and a 1-year high of $152.99.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.81. The firm had revenue of $12.52 billion during the quarter, compared to analysts’ expectations of $11.80 billion. PDD had a net margin of 24.23% and a return on equity of 39.10%. On average, research analysts anticipate that PDD Holdings Inc. will post 7.85 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PDD shares. Barclays raised their price target on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Jefferies Financial Group lifted their target price on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. The Goldman Sachs Group downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 target price on the stock. in a research note on Monday, March 11th. Citigroup lifted their target price on shares of PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Finally, Benchmark lifted their target price on shares of PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $146.85.

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.