IvyRock Asset Management HK Ltd Has $102.30 Million Stock Position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• IvyRock Asset Management HK Ltd reduced its stake in PDD Holdings Inc. by 7.1%, now holding approximately 864,349 shares valued at around $102.30 million, making PDD their largest investment.
• PDD's recent quarterly earnings fell short of analysts' expectations, reporting an EPS of $1.37 compared to the expected $2.25, and a revenue of $13.19 billion, significantly lower than the forecasted $103.37 billion.
• Despite recent earnings challenges, several investment firms have updated their ratings, with Citigroup upgrading PDD from "neutral" to "buy" and increasing its price target to $165.00, while others have set various target prices between $107.00 and $128.00.

IvyRock Asset Management HK Ltd cut its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 864,349 shares of the company's stock after selling 65,987 shares during the quarter. PDD accounts for about 48.1% of IvyRock Asset Management HK Ltd's holdings, making the stock its biggest holding. IvyRock Asset Management HK Ltd owned about 0.06% of PDD worth $102,296,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in PDD in the first quarter valued at about $26,000. IFP Advisors Inc increased its stake in shares of PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after buying an additional 290 shares during the period. OneDigital Investment Advisors LLC acquired a new stake in shares of PDD in the first quarter valued at about $204,000. Gunderson Capital Management Inc. acquired a new stake in shares of PDD in the first quarter valued at about $218,000. Finally, First Affirmative Financial Network acquired a new stake in shares of PDD in the first quarter valued at about $218,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

Shares of PDD stock opened at $118.21 on Friday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The stock has a 50 day moving average price of $106.15 and a two-hundred day moving average price of $109.43. The stock has a market capitalization of $164.57 billion, a PE ratio of 12.72, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). PDD had a net margin of 24.63% and a return on equity of 33.76%. The firm had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. During the same period last year, the business posted $20.72 EPS. The company's revenue was up 10.2% on a year-over-year basis. Research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent research reports. Benchmark decreased their price target on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Citigroup raised PDD from a "neutral" rating to a "buy" rating and increased their price target for the company from $127.00 to $165.00 in a research note on Monday, May 12th. China Renaissance reissued a "hold" rating and issued a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Barclays downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 target price on shares of PDD in a report on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, PDD currently has an average rating of "Moderate Buy" and an average 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.

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