Guggenheim Capital LLC Reduces Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Guggenheim Capital LLC has reduced its stake in PDD Holdings by 23.5%, selling 37,504 shares, bringing its total holdings to 121,896 shares valued at $14.43 million.
• Other institutional investors have also adjusted their positions, with significant increases from Mirae Asset Global Investments by 9,469.7% and Dragoneer Investment Group LLC by 48.8%.
• Analysts have mixed views on PDD, with target prices ranging from $105.00 to $165.00, and the stock currently has a consensus rating of "Hold" with an average target price of $137.82.

Guggenheim Capital LLC lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 23.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 121,896 shares of the company's stock after selling 37,504 shares during the quarter. Guggenheim Capital LLC's holdings in PDD were worth $14,426,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its position in PDD by 5.2% during the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock worth $4,739,595,000 after purchasing an additional 1,987,935 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of PDD by 9,469.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock valued at $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of PDD by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock valued at $3,441,556,000 after buying an additional 416,867 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in PDD by 4,562.1% in 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 period. Finally, Dragoneer Investment Group LLC grew its stake in PDD by 48.8% in the 4th quarter. Dragoneer Investment Group LLC now owns 5,572,094 shares of the company's stock valued at $540,437,000 after buying an additional 1,827,853 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PDD shares. Macquarie set a $165.00 target price on PDD and gave the stock an "outperform" rating in a research report on Monday. JPMorgan Chase & Co. decreased their price objective on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. New Street Research downgraded PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price for the company. in a research note on Tuesday. Bank of America lifted their target price on PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Benchmark reissued a "buy" rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, PDD presently has a consensus rating of "Hold" and an average target price of $137.82.

PDD Stock Down 1.4%

PDD stock opened at $122.22 on Thursday. The stock has a market cap of $170.15 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 1.76 and a beta of 0.42. The business has a 50-day simple moving average of $111.69 and a 200 day simple moving average of $111.29. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly 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). PDD had a net margin of 23.93% and a return on equity of 31.97%. The business had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. During the same quarter last year, the business posted $20.72 EPS. The business's revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

PDD Company 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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