The Manufacturers Life Insurance Company Sells 61,566 Shares of PDD Holdings Inc. (NASDAQ:PDD)

The Manufacturers Life Insurance Company cut its stake in PDD Holdings Inc. (NASDAQ:PDD) by 7.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 813,038 shares of the company’s stock after selling 61,566 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of PDD worth $109,606,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new stake in PDD during the third quarter valued at approximately $27,000. Venturi Wealth Management LLC bought a new stake in PDD during the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC bought a new stake in PDD during the second quarter valued at approximately $32,000. Richardson Financial Services Inc. grew its position in PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after buying an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in PDD during the third quarter valued at approximately $34,000. 29.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PDD. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and cut their target price for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Sanford C. Bernstein lowered their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, Bank of America lowered their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

PDD stock opened at $99.31 on Wednesday. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The company’s fifty day moving average price is $123.33 and its 200-day moving average price is $129.13. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market capitalization of $136.64 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 0.26 and a beta of 0.71.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 26th. The company reported $23.24 earnings per share for the quarter, topping the consensus estimate of $2.66 by $20.58. PDD had a net margin of 29.05% and a return on equity of 46.08%. The company had revenue of $97.06 billion for the quarter, compared to analysts’ expectations of $100.17 billion. During the same quarter in the previous year, the business posted $1.27 earnings per share. PDD’s quarterly revenue was up 85.7% on a year-over-year basis. On average, equities analysts anticipate 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.