Connor Clark & Lunn Investment Management Ltd. Has $49.56 Million Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in PDD Holdings Inc. by 65.7%, acquiring an additional 165,987 shares, bringing their total to 418,730 shares valued at approximately $49.6 million.
• Other institutional investors also significantly boosted their holdings, with Mirae Asset Global Investments Co. increasing its position by an extraordinary 9,469.7%.
• PDD Holdings reported earnings per share of $1.37, missing analysts' expectations of $2.25, and achieved quarterly revenue of $13.19 billion, up 10.2% year-over-year.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 65.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 418,730 shares of the company's stock after acquiring an additional 165,987 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in PDD were worth $49,557,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PDD. Krane Funds Advisors LLC lifted its position in shares of PDD by 78.3% in the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock worth $596,057,000 after purchasing an additional 2,211,286 shares in the last quarter. Myriad Asset Management US LP acquired a new stake in PDD in the 1st quarter valued at $4,496,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after buying an additional 14,110,042 shares during the last quarter. Sanders Capital LLC bought a new position in shares of PDD in the 4th quarter valued at about $499,972,000. Finally, WCM Investment Management LLC increased its position in shares of PDD by 3,127.3% in the first quarter. WCM Investment Management LLC now owns 411,324 shares of the company's stock valued at $49,544,000 after acquiring an additional 398,579 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Trading Up 0.1%

Shares of NASDAQ:PDD traded up $0.07 during trading on Friday, reaching $114.26. 4,327,203 shares of the stock were exchanged, compared to its average volume of 6,628,110. The firm has a market cap of $159.07 billion, a PE ratio of 12.30, a PEG ratio of 1.62 and a beta of 0.42. The stock has a 50-day moving average price of $106.76 and a 200-day moving average price of $110.54. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $20.72 EPS. On average, sell-side analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PDD has been the subject of a number of analyst reports. Jefferies Financial Group set a $121.00 price target on PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Benchmark lowered their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. JPMorgan Chase & Co. cut their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Macquarie restated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Finally, Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and upped their target price for the company from $127.00 to $165.00 in a report on Monday, May 12th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.