Bank of America Corp DE Has $264.29 Million Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Bank of America reduced its PDD stake by 15.4% in the first quarter, selling 471,236 shares and retaining 2.59 million shares valued at approximately $264.3 million. Institutional investors and hedge funds collectively own 39.83% of PDD.
• PDD shares opened at $90.15, up 1.8%, with a market capitalization of $128.3 billion. The company’s latest quarterly results missed expectations, reporting $1.38 in EPS versus the $2.40 consensus and revenue of $15.41 billion versus $15.92 billion expected.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $124.64; targets range from $80 to $129 among recent analyst updates.

Bank of America Corp DE decreased its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 15.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,586,508 shares of the company's stock after selling 471,236 shares during the period. Bank of America Corp DE owned 0.18% of PDD worth $264,289,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. RBF Capital LLC bought a new position in PDD in the 1st quarter valued at about $2,044,000. H&H International Investment LLC lifted its position in PDD by 71.2% during the first quarter. H&H International Investment LLC now owns 19,748,294 shares of the company's stock worth $2,017,881,000 after acquiring an additional 8,211,600 shares during the last quarter. Oaktree Capital Management LP bought a new stake in shares of PDD during the first quarter worth approximately $493,000. Oddo BHF Asset Management Sas boosted its holdings in shares of PDD by 97.8% during the first quarter. Oddo BHF Asset Management Sas now owns 9,100 shares of the company's stock worth $930,000 after acquiring an additional 4,500 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of PDD by 17.2% in the first quarter. California State Teachers Retirement System now owns 362,290 shares of the company's stock valued at $37,019,000 after purchasing an additional 53,081 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Trading Up 1.8%

Shares of PDD stock opened at $90.15 on Tuesday. The stock has a market cap of $128.32 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 0.72 and a beta of 0.01. The stock has a 50 day simple moving average of $83.38 and a 200 day simple moving average of $95.16. PDD Holdings Inc. Sponsored ADR has a 1 year low of $71.94 and a 1 year high of $139.41.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing analysts' consensus estimates of $2.40 by ($1.02). The company had revenue of $15.41 billion for the quarter, compared to the consensus estimate of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.PDD's revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business earned $1.57 EPS. Analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley set a $129.00 target price on PDD in a research note on Wednesday, May 27th. BNP Paribas Exane started coverage on PDD in a research note on Monday, June 15th. They issued an "underperform" rating and a $89.00 price target for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of PDD in a report on Wednesday, May 27th. Daiwa Securities Group reiterated a "hold" rating and set a $80.00 price objective on shares of PDD in a research report on Tuesday, June 23rd. Finally, Barclays downgraded PDD from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $124.64.

About PDD

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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