LPL Financial LLC Lowers Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• LPL Financial LLC reduced its stake in PDD Holdings Inc. by 25.4%, selling 9,690 shares during the first quarter, leaving it with 28,501 shares valued at approximately $3.37 million.
• Other institutional investors made significant moves in PDD, with Krane Funds Advisors LLC increasing its stake by 78.3% and OVERSEA CHINESE BANKING Corp boosting their holdings by 4,562.1%.
• Despite reporting missing earnings estimates for its last quarter, PDD's stock was up 3.7%, and analysts have a consensus target price of $144.55, with mixed ratings on the stock's performance.

LPL Financial LLC lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 25.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,501 shares of the company's stock after selling 9,690 shares during the quarter. LPL Financial LLC's holdings in PDD were worth $3,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC lifted its position 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 acquiring an additional 2,211,286 shares during the period. Myriad Asset Management US LP purchased a new stake in PDD during the 1st quarter worth $4,496,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in 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 worth $1,706,527,000 after purchasing an additional 14,110,042 shares during the period. WCM Investment Management LLC boosted its position in PDD by 3,127.3% in the 1st quarter. WCM Investment Management LLC now owns 411,324 shares of the company's stock valued at $49,544,000 after buying an additional 398,579 shares during the last quarter. Finally, TB Alternative Assets Ltd. boosted its position in PDD by 15.4% in the 1st quarter. TB Alternative Assets Ltd. now owns 199,887 shares of the company's stock valued at $23,657,000 after buying an additional 26,739 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and increased their price target for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Jefferies Financial Group set a $121.00 price target on shares of PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. JPMorgan Chase & Co. reduced their target price on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Benchmark reduced their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company 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 issued a strong buy rating to the stock. Based on data from MarketBeat, PDD has an average rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Stock Up 3.7%

Shares of NASDAQ:PDD opened at $118.95 on Friday. The firm has a fifty day moving average of $108.47 and a two-hundred day moving average of $110.71. The firm has a market capitalization of $165.60 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 1.63 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). The business had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $20.72 EPS. Equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

PDD 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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