Mackenzie Financial Corp Buys 18,844 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Mackenzie Financial Corp grew its stake in PDD Holdings Inc. (NASDAQ:PDD) by 62.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,923 shares of the company’s stock after acquiring an additional 18,844 shares during the quarter. Mackenzie Financial Corp’s holdings in PDD were worth $7,158,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PDD. SC US Ttgp LTD. increased its stake in PDD by 1,414.4% during the 3rd quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock worth $4,730,242,000 after purchasing an additional 45,048,300 shares in the last quarter. Vanguard Group Inc. increased its stake in PDD by 38.0% during the 3rd quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock worth $2,363,645,000 after purchasing an additional 6,637,418 shares in the last quarter. Norges Bank bought a new stake in PDD during the 4th quarter worth approximately $501,089,000. Baillie Gifford & Co. increased its stake in PDD by 14.4% during the 3rd quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock worth $3,497,977,000 after purchasing an additional 4,501,126 shares in the last quarter. Finally, FMR LLC increased its stake in PDD by 32.6% during the 3rd quarter. FMR LLC now owns 17,635,104 shares of the company’s stock worth $1,729,475,000 after purchasing an additional 4,334,186 shares in the last quarter. 29.07% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PDD shares. The Goldman Sachs Group cut PDD from a “buy” rating to a “neutral” rating and set a $136.00 target price for the company. in a research note on Monday, March 11th. Barclays upped their price target on PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Citigroup upped their price target on PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. reduced their price target on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, March 21st. Finally, Benchmark upped their price target on PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $146.85.

PDD Trading Down 0.2 %

NASDAQ PDD opened at $113.49 on Friday. The stock has a 50 day moving average of $122.31 and a 200-day moving average of $125.86. PDD Holdings Inc. has a 12 month low of $59.67 and a 12 month high of $152.99. The company has a market cap of $149.76 billion, a PE ratio of 19.81, a PEG ratio of 0.29 and a beta of 0.67. The company has a current ratio of 1.93, a quick ratio of 1.83 and a debt-to-equity ratio of 0.03.

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