Snow Lake Management LP Makes New $22.77 Million Investment in PDD Holdings Inc. (NASDAQ:PDD)

Snow Lake Management LP purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 300,000 shares of the company’s stock, valued at approximately $22,770,000. PDD makes up approximately 13.5% of Snow Lake Management LP’s investment portfolio, making the stock its 4th largest position.

A number of other hedge funds have also recently added to or reduced their stakes in PDD. Hhlr Advisors LTD. grew its stake in shares of PDD by 266.5% during the 1st quarter. Hhlr Advisors LTD. now owns 10,642,847 shares of the company’s stock worth $807,792,000 after purchasing an additional 7,739,047 shares during the period. Norges Bank acquired a new position in PDD during the fourth quarter worth about $501,089,000. Assenagon Asset Management S.A. increased its holdings in PDD by 3,618.1% in the first quarter. Assenagon Asset Management S.A. now owns 4,630,643 shares of the company’s stock valued at $351,466,000 after buying an additional 4,506,101 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of PDD by 3,780.5% during the 4th quarter. Alliancebernstein L.P. now owns 2,845,009 shares of the company’s stock valued at $232,010,000 after acquiring an additional 2,771,693 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. grew its holdings in shares of PDD by 72.1% in the 4th quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 5,578,552 shares of the company’s stock worth $454,931,000 after acquiring an additional 2,337,492 shares during the period. Institutional investors and hedge funds own 31.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PDD shares. CLSA boosted their target price on PDD from $95.00 to $114.00 in a research report on Wednesday, August 30th. Bank of America increased their target price on PDD from $97.00 to $112.00 and gave the stock a “buy” rating in a research report on Tuesday, August 29th. The Goldman Sachs Group upgraded PDD from a “neutral” rating to a “buy” rating and upped their price target for the stock from $99.00 to $129.00 in a research note on Wednesday, August 30th. Morgan Stanley lifted their price objective on PDD from $110.00 to $120.00 in a research note on Tuesday, August 29th. Finally, TheStreet upgraded shares of PDD from a “c+” rating to a “b-” rating in a report on Thursday, August 31st. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, PDD has a consensus rating of “Buy” and an average price target of $117.75.

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PDD Stock Performance

PDD stock traded up $1.97 during mid-day trading on Tuesday, reaching $99.37. The company had a trading volume of 5,679,268 shares, compared to its average volume of 9,564,554. PDD Holdings Inc. has a one year low of $38.80 and a one year high of $106.38. The stock has a market capitalization of $131.13 billion, a P/E ratio of 24.17, a P/E/G ratio of 0.92 and a beta of 0.77. The company has a quick ratio of 1.94, a current ratio of 1.91 and a debt-to-equity ratio of 0.01. The stock’s 50-day simple moving average is $83.50 and its two-hundred day simple moving average is $77.02.

PDD (NASDAQ:PDD – Get Free Report) last issued its quarterly earnings data on Tuesday, August 29th. The company reported $10.47 earnings per share for the quarter, beating the consensus estimate of $7.30 by $3.17. PDD had a net margin of 24.93% and a return on equity of 33.87%. The firm had revenue of $52.28 billion for the quarter, compared to the consensus estimate of $43.39 billion. During the same period last year, the firm posted $0.93 EPS. PDD’s quarterly revenue was up 66.3% compared to the same quarter last year. Research analysts anticipate that PDD Holdings Inc. will post 4.09 EPS for the current year.

PDD Company Profile

(Free Report)

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.