First Trust Advisors LP Boosts Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• First Trust Advisors LP increased its PDD stake by 3.3% in the first quarter, adding 38,014 shares and bringing its total holdings to 1,196,946 shares worth about $122.3 million.
• PDD reported weaker-than-expected quarterly results, with EPS of $1.38 versus the $2.40 consensus and revenue of $15.41 billion versus $15.92 billion expected, though revenue still rose 11% year over year.
• Analyst sentiment is mixed, with an average rating of “Hold” and an average price target of $124.64; recent target cuts and an underperform initiation have added caution despite some buy ratings remaining.

First Trust Advisors LP grew its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,196,946 shares of the company's stock after acquiring an additional 38,014 shares during the period. First Trust Advisors LP owned about 0.08% of PDD worth $122,304,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PDD. Exchange Traded Concepts LLC grew its stake in shares of PDD by 11.7% in the 4th quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company's stock worth $27,522,000 after purchasing an additional 25,369 shares during the last quarter. Step Capital Management Pte. Ltd. acquired a new position in shares of PDD in the 4th quarter worth $8,504,000. LBP AM SA purchased a new stake in shares of PDD during the fourth quarter valued at $6,690,000. Geode Capital Management LLC lifted its holdings in shares of PDD by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company's stock valued at $761,720,000 after purchasing an additional 359,921 shares during the last quarter. Finally, Dymon Asia Capital Singapore PTE. LTD. boosted its position in shares of PDD by 125.4% in the 4th quarter. Dymon Asia Capital Singapore PTE. LTD. now owns 64,917 shares of the company's stock valued at $7,361,000 after purchasing an additional 36,122 shares during the period. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD stock opened at $83.30 on Friday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $139.41. The stock's 50 day simple moving average is $84.68 and its 200 day simple moving average is $96.76. The company has a market capitalization of $118.57 billion and a price-to-earnings ratio of 9.00.

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

Wall Street Analyst Weigh In

PDD has been the subject of several recent analyst reports. Sanford C. Bernstein decreased their target price on shares of PDD from $132.00 to $110.00 and set a "market perform" rating for the company in a report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a "buy" rating on shares of PDD in a research note on Wednesday, May 27th. BNP Paribas Exane initiated coverage on shares of PDD in a research note on Monday, June 15th. They issued an "underperform" rating and a $89.00 price objective on the stock. Benchmark lowered their price target on shares of PDD from $160.00 to $127.00 and set a "buy" rating on the stock in a report on Thursday, May 28th. Finally, Citigroup reduced their price objective on PDD from $142.00 to $123.00 and set a "buy" rating for the company in a research report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, PDD currently has an average rating of "Hold" and an average price target of $124.64.

PDD Company Profile

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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