ABS Direct Equity Fund LLC raised its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 31.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,800 shares of the company's stock after purchasing an additional 18,270 shares during the quarter. PDD makes up 5.8% of ABS Direct Equity Fund LLC's holdings, making the stock its 2nd biggest position. ABS Direct Equity Fund LLC's holdings in PDD were worth $7,486,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of PDD by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company's stock worth $3,720,397,000 after buying an additional 425,908 shares during the last quarter. Norges Bank acquired a new position in PDD in the 4th quarter valued at about $1,065,446,000. Geode Capital Management LLC raised its holdings in PDD by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company's stock valued at $761,720,000 after acquiring an additional 359,921 shares during the period. Krane Funds Advisors LLC raised its holdings in PDD by 4.2% in the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company's stock valued at $725,465,000 after acquiring an additional 258,888 shares during the period. Finally, SG Americas Securities LLC lifted its position in PDD by 94.6% during the first quarter. SG Americas Securities LLC now owns 6,301,820 shares of the company's stock worth $643,920,000 after acquiring an additional 3,063,694 shares during the last quarter. 39.83% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently commented on PDD. Sanford C. Bernstein decreased their target price on PDD from $132.00 to $110.00 and set a "market perform" rating on the stock in a research report on Wednesday, May 27th. BNP Paribas Exane assumed coverage on PDD in a report on Monday, June 15th. They set an "underperform" rating and a $89.00 price target for the company. Barclays downgraded PDD from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Morgan Stanley set a $129.00 price objective on PDD in a report on Wednesday, May 27th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of PDD in a research report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $124.64.
Get Our Latest Stock Report on PDD
PDD Stock Performance
Shares of NASDAQ PDD opened at $82.66 on Monday. The company has a market cap of $117.66 billion and a price-to-earnings ratio of 8.93. PDD Holdings Inc. Sponsored ADR has a 12 month low of $71.94 and a 12 month high of $139.41. The stock has a 50-day moving average price of $84.42 and a two-hundred day moving average price of $96.51.
PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.40 by ($1.02). The company had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. The company's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.57 earnings per share. On average, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.
PDD Profile
(
Free Report)
PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.
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