Allspring Global Investments Holdings LLC Sells 9,052 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Allspring Global Investments Holdings LLC decreased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 17.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 44,212 shares of the company's stock after selling 9,052 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PDD were worth $5,402,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC increased its holdings in PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after acquiring an additional 132 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in PDD by 43.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after acquiring an additional 249 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after acquiring an additional 97 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in PDD in the 4th quarter valued at $165,000. Finally, Siemens Fonds Invest GmbH bought a new stake in PDD in the 4th quarter valued at $192,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on PDD shares. JPMorgan Chase & Co. reduced their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. China Renaissance restated a "hold" rating and issued a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $112.00 target price on shares of PDD in a report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the stock a "buy" rating in a report on Tuesday, May 27th. Seven research 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 company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Stock Down 0.6%

NASDAQ:PDD traded down $0.62 during mid-day trading on Friday, hitting $103.35. 2,746,257 shares of the stock traded hands, compared to its average volume of 10,994,563. The stock has a market capitalization of $143.88 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.45 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The firm's 50 day moving average is $106.84 and its two-hundred day moving average is $108.51.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.88). The company had revenue of $13.19 billion during 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%. PDD's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $20.72 earnings per share. As a group, research analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

PDD 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.