Assenagon Asset Management S.A. Purchases New Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Assenagon Asset Management purchased 2.60 million PDD shares worth approximately $202.9 million, giving it a 0.18% stake. Overall, institutional investors and hedge funds own 39.83% of PDD.
• Analyst sentiment remains cautious: PDD has an average rating of Hold from 16 analysts, with an average price target of $110.31; ratings include five Buys, nine Holds and two Sells.
• PDD shares opened at $82.42, near their 50-day average and well below the 52-week high of $139.41. The company recently reported quarterly earnings of $2.84 per share on $16.54 billion in revenue.

Assenagon Asset Management S.A. purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,603,372 shares of the company's stock, valued at approximately $202,907,000. Assenagon Asset Management S.A. owned 0.18% of PDD as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. H&H International Investment LLC raised its stake in shares of PDD by 71.2% during the 1st quarter. H&H International Investment LLC now owns 19,748,294 shares of the company's stock worth $2,017,881,000 after buying an additional 8,211,600 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of PDD by 94.6% in the 1st quarter. SG Americas Securities LLC now owns 6,301,820 shares of the company's stock worth $643,920,000 after buying an additional 3,063,694 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in PDD by 126.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,609,370 shares of the company's stock valued at $164,445,000 after acquiring an additional 898,639 shares during the last quarter. Renaissance Technologies LLC grew its stake in PDD by 306.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,112,700 shares of the company's stock valued at $113,696,000 after acquiring an additional 838,800 shares during the last quarter. Finally, Anatole Investment Management Ltd acquired a new stake in PDD in the 4th quarter valued at about $94,957,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PDD. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $105.00 price objective on shares of PDD in a research note on Monday, August 24th. JPMorgan Chase & Co. cut their price objective on PDD from $110.00 to $95.00 and set a "neutral" rating for the company in a research report on Thursday, September 10th. Weiss Ratings lowered PDD from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, October 9th. Daiwa Securities Group reiterated a "hold" rating and set a $80.00 target price on shares of PDD in a report on Tuesday, June 23rd. Finally, Arete Research set a $93.00 price target on PDD and gave the stock a "neutral" rating in a research report on Monday, September 7th. Five investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $110.31.

PDD Stock Up 1.2%

Shares of NASDAQ:PDD opened at $82.42 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The company has a 50 day moving average of $82.23 and a two-hundred day moving average of $87.54. The company has a market capitalization of $117.32 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 0.64 and a beta of -0.05.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The company had revenue of $16.54 billion during the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. On average, equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.02 earnings per share for the current year.

PDD Profile

PDD Holdings Inc NASDAQ: PDD is a multinational commerce group that operates online marketplaces connecting consumers, merchants, brands and agricultural producers. Its platforms use interactive shopping features, product discovery tools and technology-driven recommendations to support value-focused purchasing across a broad range of product categories.

The company's principal platforms are Pinduoduo and Temu. Pinduoduo primarily serves consumers and merchants in China, offering products that include agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.

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