124,924 PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group reduced its PDD position by 9%, selling 124,924 shares and retaining 1.26 million shares valued at approximately $98.6 million. Institutional investors and hedge funds collectively own 39.83% of PDD.
• PDD shares opened at $81.68, with a market capitalization of $116.26 billion and a 52-week range of $71.94 to $139.12. The company most recently reported $2.84 in quarterly EPS on $16.54 billion in revenue.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $110.31; several firms recently lowered their targets, including JPMorgan to $95 and Benchmark to $114.

Sumitomo Mitsui Trust Group Inc. lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 9.0% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,264,827 shares of the company's stock after selling 124,924 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.09% of PDD worth $98,581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PDD. H&H International Investment LLC raised its position in shares of PDD by 71.2% in the first quarter. H&H International Investment LLC now owns 19,748,294 shares of the company's stock valued at $2,017,881,000 after buying an additional 8,211,600 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in PDD during the 3rd quarter valued at about $202,907,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in PDD by 126.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,609,370 shares of the company's stock valued at $164,445,000 after acquiring an additional 898,639 shares in the last quarter. Renaissance Technologies LLC raised its holdings in PDD by 306.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,112,700 shares of the company's stock valued at $113,696,000 after acquiring an additional 838,800 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its holdings in PDD by 40.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,121,534 shares of the company's stock valued at $87,412,000 after acquiring an additional 325,066 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Up 3.9%

Shares of PDD stock opened at $81.68 on Tuesday. The firm has a market cap of $116.26 billion, a PE ratio of 9.00, a price-to-earnings-growth ratio of 0.61 and a beta of -0.05. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.12. The business's fifty day simple moving average is $80.16 and its 200-day simple moving average is $91.02.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings data on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The firm had revenue of $16.54 billion during the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. As a group, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.02 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America reissued a "neutral" rating on shares of PDD in a research note on Wednesday, August 26th. Zacks Research upgraded PDD from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Benchmark dropped their price target on PDD from $127.00 to $114.00 and set a "buy" rating for the company in a research report on Tuesday, August 25th. Arete Research cut PDD from a "buy" rating to a "neutral" rating and set a $93.00 price target for the company. in a report on Monday, September 7th. Finally, JPMorgan Chase & Co. cut their price target on PDD from $110.00 to $95.00 and set a "neutral" rating for the company in a report on Thursday, September 10th. Six investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $110.31.

About PDD

PDD Holdings Inc is a multinational commerce group that operates online marketplace platforms connecting consumers with merchants, manufacturers and agricultural producers. The company's platforms use interactive shopping features, including group purchasing and personalized product discovery, to offer a broad range of merchandise at competitive prices.

PDD Holdings' businesses include Pinduoduo, an e-commerce platform serving consumers in China, and Temu, an online marketplace launched in 2022 that serves consumers across multiple international markets, including North America, Europe and other regions.

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