California State Teachers Retirement System lessened its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 288,631 shares of the company's stock after selling 73,659 shares during the quarter. California State Teachers Retirement System's holdings in PDD were worth $22,016,773 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in PDD. Wealthfront Advisers LLC raised its position in shares of PDD by 3.6% during the 1st quarter. Wealthfront Advisers LLC now owns 3,609 shares of the company's stock worth $369,000 after purchasing an additional 127 shares during the last quarter. NewEdge Advisors LLC raised its stake in PDD by 2.9% during the 1st quarter. NewEdge Advisors LLC now owns 4,677 shares of the company's stock valued at $478,000 after purchasing an additional 134 shares during the last quarter. Hel Ved Capital Management Ltd raised its position in PDD by 0.5% in the 4th quarter. Hel Ved Capital Management Ltd now owns 38,637 shares of the company's stock worth $4,381,000 after purchasing an additional 200 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in PDD by 7.0% during the 1st quarter. Banque Cantonale Vaudoise now owns 6,064 shares of the company's stock worth $620,000 after buying an additional 399 shares during the period. Finally, IFM Investors Pty Ltd lifted its stake in PDD by 0.5% in the 1st quarter. IFM Investors Pty Ltd now owns 75,408 shares of the company's stock valued at $7,705,000 after purchasing an additional 405 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PDD has been the subject of several research reports. Barclays lowered shares of PDD from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Bank of America reaffirmed a "neutral" rating on shares of PDD in a research note on Wednesday, August 26th. Daiwa Securities Group reissued a "hold" rating and set a $80.00 target price on shares of PDD in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. reduced their target price on shares of PDD from $110.00 to $95.00 and set a "neutral" rating for the company in a research report on Thursday, September 10th. Finally, Nomura cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $113.31.
Get Our Latest Research Report on PDD
PDD Trading Down 1.1%
Shares of NASDAQ:PDD traded down $0.90 during midday trading on Tuesday, hitting $78.48. The company had a trading volume of 3,057,845 shares, compared to its average volume of 7,990,823. PDD Holdings Inc. Sponsored ADR has a 12 month low of $71.94 and a 12 month high of $139.41. The stock has a market cap of $111.71 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 0.59 and a beta of -0.01. The firm has a fifty day simple moving average of $85.56 and a 200 day simple moving average of $91.22.
PDD (NASDAQ:PDD - Get Free Report) last released its earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%.The firm had revenue of $16.54 billion for the quarter. Equities analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.5 EPS for the current fiscal year.
About PDD
(
Free Report)
PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company's businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.
Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.
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