Korea Investment CORP Increases Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Korea Investment CORP increased its stake in PDD Holdings Inc. by 6.3% during the first quarter, acquiring an additional 33,700 shares, bringing their total holdings to 564,487 shares valued at approximately $66.8 million.
• Various hedge funds have aggressively increased their investment in PDD, with Krane Funds Advisors raising its position by 78.3% and OVERSEA CHINESE BANKING Corp Ltd expanding its stake by an astonishing 4,562.1% in the same period.
• PDD Holdings Inc. reported a miss in earnings for the latest quarter, posting $1.37 earnings per share compared to expectations of $2.25, alongside a revenue of $13.19 billion against a consensus of $103.37 billion.

Korea Investment CORP lifted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 6.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 564,487 shares of the company's stock after buying an additional 33,700 shares during the quarter. Korea Investment CORP's holdings in PDD were worth $66,807,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PDD. Mirae Asset Global Investments Co. Ltd. grew its position 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 worth $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in PDD by 4,562.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after purchasing an additional 14,110,042 shares in the last quarter. Krane Funds Advisors LLC boosted its position in PDD by 78.3% during the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock valued at $596,057,000 after purchasing an additional 2,211,286 shares in the last quarter. Northern Trust Corp boosted its position in PDD by 182.8% during the fourth quarter. Northern Trust Corp now owns 3,236,686 shares of the company's stock valued at $313,926,000 after purchasing an additional 2,092,160 shares in the last quarter. Finally, 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 valued at $4,739,595,000 after purchasing an additional 1,987,935 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PDD shares. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. JPMorgan Chase & Co. reduced their price target on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. China Renaissance restated a "hold" rating and set a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Price Performance

NASDAQ:PDD traded up $4.15 during trading hours on Friday, hitting $127.11. 20,130,840 shares of the company were exchanged, compared to its average volume of 8,930,558. The stock has a market capitalization of $176.96 billion, a price-to-earnings ratio of 13.68, a PEG ratio of 1.68 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67. The company's 50 day moving average price is $109.82 and its 200-day moving average price is $110.94.

PDD (NASDAQ:PDD - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.88). PDD had a return on equity of 33.76% and a net margin of 24.63%.The company had revenue of $13.19 billion for the quarter, compared to analysts' expectations of $103.37 billion. During the same period in the prior year, the firm posted $20.72 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts predict 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.