Ameriprise Financial Inc. Sells 79,910 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Ameriprise Financial Inc. has reduced its stake in PDD Holdings Inc. by 9.0%, now owning approximately 0.06% of the company, valued at $95.98 million.
• Wall Street analysts have mixed ratings for PDD, with a consensus target price of $144.55 and one Strong Buy, six Buy, and seven Hold ratings.
• PDD's latest earnings report showed a miss on earnings per share at $1.37, below the consensus estimate of $2.25, while revenue was reported at $13.19 billion.

Ameriprise Financial Inc. lowered its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 9.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 810,983 shares of the company's stock after selling 79,910 shares during the period. Ameriprise Financial Inc. owned approximately 0.06% of PDD worth $95,980,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Norinchukin Bank The boosted its holdings in PDD by 177.5% in the 1st quarter. Norinchukin Bank The now owns 17,919 shares of the company's stock valued at $2,121,000 after purchasing an additional 11,461 shares during the period. CW Advisors LLC bought a new stake in PDD in the 1st quarter valued at about $237,000. Goldstream Capital Management Ltd bought a new stake in PDD in the 1st quarter valued at about $102,000. Candriam S.C.A. boosted its holdings in PDD by 13.7% in the 1st quarter. Candriam S.C.A. now owns 180,800 shares of the company's stock valued at $21,398,000 after purchasing an additional 21,800 shares during the period. Finally, Banco BTG Pactual S.A. bought a new stake in PDD in the 1st quarter valued at about $537,000. Institutional investors own 39.83% of the company's stock.

Analysts Set New Price Targets

PDD has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a report on Tuesday. Jefferies Financial Group set a $146.00 price objective on shares of PDD and gave the company a "buy" rating in a report on Monday. Benchmark reaffirmed a "buy" rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a report on Tuesday. Citigroup reiterated a "buy" rating on shares of PDD in a research report on Monday. Finally, New Street Research downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 price objective for the company. in a research report on Tuesday. Five analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, PDD presently has a consensus rating of "Hold" and an average price target of $137.82.

PDD Price Performance

Shares of NASDAQ:PDD remained flat at $122.22 during trading on Thursday. 5,665,468 shares of the stock traded hands, compared to its average volume of 8,862,717. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The firm has a market cap of $170.15 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.66 and a beta of 0.42. The stock has a fifty day simple moving average of $112.09 and a 200 day simple moving average of $111.33.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 23.93% and a return on equity of 30.57%. The company's revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $20.72 EPS. On average, equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

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.