Private Advisor Group LLC Acquires New Stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Private Advisor Group LLC acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,492 shares of the company's stock, valued at approximately $2,070,000.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of PDD by 9,469.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock valued at $4,695,948,000 after acquiring an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in PDD by 4,562.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares in the last quarter. Norges Bank bought a new position in PDD in the fourth quarter worth $812,246,000. Sanders Capital LLC bought a new position in PDD in the fourth quarter worth $499,972,000. Finally, FMR LLC raised its holdings in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

PDD Stock Up 0.2%

NASDAQ PDD traded up $0.24 during trading on Friday, hitting $118.45. 4,985,791 shares of the stock traded hands, compared to its average volume of 5,877,247. The company has a market capitalization of $164.90 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.65 and a beta of 0.42. The firm has a 50-day simple moving average of $106.15 and a 200-day simple moving average of $109.43. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.88). The firm had revenue of $13.19 billion for the quarter, compared to analysts' expectations of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $20.72 EPS. As a group, research analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PDD shares. Benchmark dropped their price objective on PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Barclays cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 target price on shares of PDD in a research report on Wednesday, May 28th. JPMorgan Chase & Co. dropped their target price on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $121.00 target price on PDD and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.55.

About PDD

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.