ABS Direct Equity Fund LLC Takes $3.51 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

ABS Direct Equity Fund LLC purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 24,000 shares of the company’s stock, valued at approximately $3,511,000. PDD comprises about 3.3% of ABS Direct Equity Fund LLC’s holdings, making the stock its 7th largest holding.

Several other institutional investors have also recently made changes to their positions in PDD. SRS Capital Advisors Inc. lifted its position in 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 buying an additional 209 shares during the last quarter. Turim 21 Investimentos Ltda. purchased a new position in shares of PDD during the 3rd quarter worth approximately $55,000. Tennessee Valley Asset Management Partners acquired a new stake in PDD in the 4th quarter valued at approximately $144,000. Shen Neil Nanpeng purchased a new stake in PDD in the third quarter valued at approximately $175,000. Finally, Greenleaf Trust acquired a new position in PDD during the third quarter worth $206,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Stock Performance

Shares of PDD stock traded up $2.64 on Friday, hitting $140.18. The stock had a trading volume of 11,575,696 shares, compared to its average volume of 8,344,514. The stock has a market cap of $184.98 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 0.36 and a beta of 0.67. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.03. PDD Holdings Inc. has a 52-week low of $59.67 and a 52-week high of $152.99. The company’s 50 day moving average price is $121.72 and its 200 day moving average price is $127.36.

PDD (NASDAQ:PDD) last issued 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 company had revenue of $12.52 billion during the quarter, compared to analysts’ expectations of $11.80 billion. PDD had a return on equity of 39.10% and a net margin of 24.23%. On average, research analysts anticipate that PDD Holdings Inc. will post 7.85 EPS for the current year.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of research reports. Jefferies Financial Group lifted their price objective on PDD from $157.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Benchmark boosted their price target 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. The Goldman Sachs Group lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 price objective for the company. in a research note on Monday, March 11th. Citigroup upped 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, Barclays boosted 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. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $146.85.

PDD 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.