Allspring Global Investments Holdings LLC Has $5.40 Million Stock Position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Allspring Global Investments Holdings LLC reduced its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 17.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (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.

A number of other hedge funds and other institutional investors have also made changes to their positions in PDD. Renaissance Technologies LLC increased its position in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after acquiring an additional 341,300 shares in the last quarter. Myriad Asset Management US LP bought a new stake in PDD in the first quarter worth approximately $4,496,000. FMR LLC grew its position 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 acquiring an additional 4,673,022 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in PDD by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 380,638 shares of the company's stock worth $36,918,000 after acquiring an additional 16,680 shares in the last quarter. Finally, Banco Santander S.A. grew its position in PDD by 61.9% in the fourth quarter. Banco Santander S.A. now owns 17,591 shares of the company's stock worth $1,706,000 after acquiring an additional 6,727 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

PDD stock traded up $1.06 during trading hours on Monday, reaching $104.65. 1,676,863 shares of the company's stock traded hands, compared to its average volume of 10,958,138. The firm has a market capitalization of $145.68 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 1.45 and a beta of 0.42. The firm's 50 day moving average is $106.84 and its 200-day moving average is $108.56. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67.

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 analysts' consensus estimates of $2.25 by ($0.88). The firm had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business's revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $20.72 earnings per share. Analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Macquarie reiterated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Benchmark cut their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Finally, Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and boosted their price target for the company from $127.00 to $165.00 in a report on Monday, May 12th. Seven research 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $144.55.

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.