PDD Holdings Inc. Sponsored ADR $PDD Position Lessened by Kamunting Street Capital Management L.P.

Key Points

• Kamunting Street Capital Management L.P. has reduced its stake in PDD Holdings Inc. by 50%, holding now 15,000 shares valued at approximately $1.78 million.
• Institutional investors have shown significant interest, with Mirae Asset Global Investments increasing its position by over 9,469% during the first quarter.
• PDD reported a quarterly EPS of $1.37, missing estimates, while its revenue reached $13.19 billion, indicating a 10.2% increase from the previous year.

Kamunting Street Capital Management L.P. trimmed its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 50.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,000 shares of the company's stock after selling 15,000 shares during the quarter. PDD accounts for approximately 1.2% of Kamunting Street Capital Management L.P.'s portfolio, making the stock its 13th largest holding. Kamunting Street Capital Management L.P.'s holdings in PDD were worth $1,775,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings 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 during the period. OVERSEA CHINESE BANKING Corp Ltd raised its holdings 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 valued at $1,706,527,000 after buying an additional 14,110,042 shares during the period. Krane Funds Advisors LLC raised its holdings in shares of PDD by 78.3% during the 1st quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock valued at $596,057,000 after buying an additional 2,211,286 shares during the period. Northern Trust Corp raised its holdings in shares of PDD by 182.8% during the 4th quarter. Northern Trust Corp now owns 3,236,686 shares of the company's stock valued at $313,926,000 after buying an additional 2,092,160 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in shares of PDD by 5.2% during the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock valued at $4,739,595,000 after buying an additional 1,987,935 shares during the period. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PDD shares. Bank of America raised their target price on PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a report on Tuesday. Citigroup reiterated a "buy" rating on shares of PDD in a report on Monday. New Street Research downgraded PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price on the stock. in a report on Tuesday. Benchmark restated a "buy" rating and set a $160.00 price objective (up previously from $128.00) on shares of PDD in a research note on Tuesday. Finally, Jefferies Financial Group set a $146.00 price objective on PDD and gave the company a "buy" rating in a research note on Monday. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, PDD presently has a consensus rating of "Hold" and a consensus target price of $137.82.

PDD Stock Performance

Shares of PDD remained flat at $122.22 during mid-day trading on Thursday. The stock had a trading volume of 5,663,736 shares, compared to its average volume of 9,099,388. The stock has a market capitalization of $170.15 billion, a P/E ratio of 13.26, a PEG ratio of 1.76 and a beta of 0.42. The company's fifty day moving average price is $111.69 and its two-hundred day moving average price is $111.29. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.88). The firm had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. PDD had a return on equity of 31.97% and a net margin of 23.93%.PDD's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $20.72 EPS. On average, equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

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.