Accuvest Global Advisors Buys New Shares in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• Accuvest Global Advisors has invested approximately $421,000 in PDD Holdings, acquiring 3,558 shares during the 1st quarter of 2023.
• Institutional investors now own 39.83% of PDD stock, with significant increases in stake from multiple funds, including a 4,562.1% boost by Oversea Chinese Banking Corp.
• Analysts have mixed views on PDD, with price targets ranging from $112.00 to $165.00, and a consensus rating of "Moderate Buy."

Accuvest Global Advisors purchased a new stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,558 shares of the company's stock, valued at approximately $421,000.

A number of other hedge funds have also recently bought and sold shares of PDD. Krane Funds Advisors LLC lifted its stake in shares of PDD by 78.3% during the 1st quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock worth $596,057,000 after buying an additional 2,211,286 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in PDD by 56.3% during the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after purchasing an additional 341,300 shares during the last quarter. Myriad Asset Management US LP bought a new stake in PDD in the 1st quarter valued at $4,496,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in PDD by 4,562.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after purchasing an additional 14,110,042 shares during the period. Finally, Sanders Capital LLC acquired a new position in PDD in the 4th quarter valued at $499,972,000. 39.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PDD shares. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 price target on PDD and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and upped their target price for the company from $127.00 to $165.00 in a research report on Monday, May 12th. Macquarie reaffirmed an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. Finally, Benchmark lowered their price objective on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $144.55.

PDD Price Performance

Shares of PDD stock opened at $113.94 on Thursday. The stock has a market capitalization of $158.62 billion, a PE ratio of 12.26, a PEG ratio of 1.58 and a beta of 0.42. The business's 50 day simple moving average is $106.09 and its 200 day simple moving average is $110.32. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67.

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

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