BIT Capital GmbH Has $58.64 Million Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• BIT Capital GmbH reduced its holdings in PDD Holdings Inc. by 27.7% in the first quarter, selling 189,875 shares to hold a total of 495,490 shares, worth approximately $58.6 million.
• PDD Holdings reported earnings of $1.37 EPS, missing analysts' expectations of $2.25, while revenue increased by 10.2% year-over-year.
• Several brokerages adjusted their price targets for PDD, with the consensus now at $144.55, reflecting a mix of ratings including seven holds, six buys, and one strong buy.

BIT Capital GmbH decreased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 27.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 495,490 shares of the company's stock after selling 189,875 shares during the quarter. PDD makes up 5.0% of BIT Capital GmbH's portfolio, making the stock its 4th biggest position. BIT Capital GmbH's holdings in PDD were worth $58,641,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of PDD. J. Safra Sarasin Holding AG increased its holdings in PDD by 148.9% in the first quarter. J. Safra Sarasin Holding AG now owns 67,701 shares of the company's stock valued at $8,012,000 after buying an additional 40,500 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in PDD by 24.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 383,680 shares of the company's stock valued at $45,424,000 after buying an additional 74,395 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of PDD by 137.1% during the first quarter. Jupiter Asset Management Ltd. now owns 29,209 shares of the company's stock valued at $3,457,000 after purchasing an additional 16,892 shares during the last quarter. Headwater Capital Co Ltd grew its holdings in shares of PDD by 100.0% during the first quarter. Headwater Capital Co Ltd now owns 200,000 shares of the company's stock valued at $23,670,000 after purchasing an additional 100,000 shares during the last quarter. Finally, Alberta Investment Management Corp grew its holdings in shares of PDD by 2.4% during the first quarter. Alberta Investment Management Corp now owns 194,656 shares of the company's stock valued at $23,038,000 after purchasing an additional 4,596 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Performance

Shares of NASDAQ:PDD traded up $0.56 during midday trading on Tuesday, hitting $112.60. 1,206,755 shares of the stock were exchanged, compared to its average volume of 9,024,696. The company has a market capitalization of $156.75 billion, a PE ratio of 12.12, a P/E/G ratio of 1.54 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67. The business's fifty day simple moving average is $105.58 and its two-hundred day simple moving average is $110.28.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.88). The business had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. PDD had a return on equity of 33.76% and a net margin of 24.63%. The company's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company earned $20.72 earnings per share. As a group, equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Benchmark lowered their target price on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. JPMorgan Chase & Co. lowered their target price on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Macquarie reaffirmed an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. Finally, Barclays lowered PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Seven equities research 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $144.55.

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.