RedJay Asset Management Inc. Purchases New Shares in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

RedJay Asset Management Inc. purchased a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,000 shares of the company's stock, valued at approximately $2,722,000. PDD comprises 1.5% of RedJay Asset Management Inc.'s investment portfolio, making the stock its 24th largest position.

Several other institutional investors also recently added to or reduced their stakes in PDD. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of PDD by 9,469.7% in 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. Norges Bank bought a new stake in shares of PDD in the 4th quarter valued at about $812,246,000. Sanders Capital LLC bought a new position in shares of PDD during the fourth quarter valued at approximately $499,972,000. FMR LLC lifted its holdings in PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after buying an additional 4,673,022 shares during the period. Finally, FIL Ltd increased its holdings in shares of PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after acquiring an additional 3,350,627 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Up 0.8%

Shares of NASDAQ:PDD traded up $0.83 during midday trading on Tuesday, reaching $105.49. The company's stock had a trading volume of 3,634,290 shares, compared to its average volume of 10,983,286. The stock has a fifty day moving average of $106.63 and a 200 day moving average of $108.48. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The firm has a market capitalization of $146.86 billion, a PE ratio of 11.36, a P/E/G ratio of 1.47 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last announced 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 company had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. PDD had a return on equity of 33.76% and a net margin of 24.63%. PDD's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the business posted $20.72 earnings per share. Sell-side analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PDD shares. China Renaissance reaffirmed a "hold" rating and set a $107.00 price objective on shares of PDD in a research report on Wednesday, May 28th. Benchmark lowered their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Macquarie reiterated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Barclays downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 price target on shares of PDD in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned 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 a consensus 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.