Honeycomb Asset Management LP Invests $14.63 Million in PDD Holdings Inc. (NASDAQ:PDD)

Honeycomb Asset Management LP purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 100,000 shares of the company’s stock, valued at approximately $14,631,000. PDD comprises 3.5% of Honeycomb Asset Management LP’s investment portfolio, making the stock its 10th largest holding.

Several other large investors also recently modified their holdings of the stock. SC US Ttgp LTD. boosted its holdings in PDD by 1,414.4% in the 3rd quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock worth $4,730,242,000 after buying an additional 45,048,300 shares during the period. Norges Bank bought a new position in PDD in the 4th quarter worth approximately $1,075,172,000. Vanguard Group Inc. boosted its holdings in PDD by 38.0% in the 3rd quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock valued at $2,363,645,000 after purchasing an additional 6,637,418 shares during the period. Baillie Gifford & Co. boosted its holdings in PDD by 14.4% in the 3rd quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock valued at $3,497,977,000 after purchasing an additional 4,501,126 shares during the period. Finally, FMR LLC boosted its holdings in PDD by 32.6% in the 3rd quarter. FMR LLC now owns 17,635,104 shares of the company’s stock valued at $1,729,475,000 after purchasing an additional 4,334,186 shares during the period. Hedge funds and other institutional investors own 29.07% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays raised their price target on shares of PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a report on Friday, May 24th. Citigroup lifted their price objective on shares of PDD from $185.00 to $198.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $184.00 in a report on Friday, May 24th. JPMorgan Chase & Co. dropped their price objective on shares of PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, March 21st. Finally, Sanford C. Bernstein lifted their price objective on shares of PDD from $180.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, PDD has a consensus rating of “Buy” and a consensus price target of $188.33.

PDD Trading Down 1.0 %

Shares of NASDAQ PDD traded down $1.55 during midday trading on Tuesday, hitting $146.93. 8,704,826 shares of the company traded hands, compared to its average volume of 8,996,662. PDD Holdings Inc. has a 12-month low of $66.40 and a 12-month high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.09 and a current ratio of 2.09. The stock has a 50-day moving average price of $134.70 and a 200 day moving average price of $134.53. The firm has a market cap of $202.16 billion, a P/E ratio of 19.46, a P/E/G ratio of 0.26 and a beta of 0.64.

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 net margin of 26.93% and a return on equity of 45.04%. The company had revenue of $12.52 billion for the quarter, compared to analysts’ expectations of $11.80 billion. As a group, analysts expect that PDD Holdings Inc. will post 11.19 earnings per share for the current 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.