Bank of New York Mellon Corp Trims Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Bank of New York Mellon Corp trimmed its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 16.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,689,498 shares of the company's stock after selling 340,288 shares during the period. Bank of New York Mellon Corp owned approximately 0.12% of PDD worth $199,952,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PDD. US Bancorp DE grew its stake in PDD by 14.2% in the 4th quarter. US Bancorp DE now owns 9,079 shares of the company's stock valued at $881,000 after buying an additional 1,127 shares in the last quarter. Jones Financial Companies Lllp grew its stake 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 buying an additional 97 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of PDD by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 927,788 shares of the company's stock valued at $89,986,000 after purchasing an additional 23,772 shares in the last quarter. M&T Bank Corp grew its position in shares of PDD by 11.0% during the 4th quarter. M&T Bank Corp now owns 17,570 shares of the company's stock valued at $1,704,000 after purchasing an additional 1,740 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of PDD during the 4th quarter valued at $3,114,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Up 1.6%

PDD stock opened at $105.25 on Tuesday. The company has a market capitalization of $146.52 billion, a PE ratio of 11.33, a P/E/G ratio of 1.45 and a beta of 0.42. The firm has a fifty day simple moving average of $106.88 and a two-hundred day simple moving average of $108.60. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $13.19 billion during the quarter, compared to the consensus estimate of $103.37 billion. PDD had a return on equity of 33.76% and a net margin of 24.63%. The business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm earned $20.72 earnings per share. As a group, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Citigroup upgraded 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 research report on Monday, May 12th. Nomura restated a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Barclays lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. Finally, Macquarie restated an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. Seven investment 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's stock. Based on data from MarketBeat, PDD presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.

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.

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