Mitsubishi UFJ Asset Management Co. Ltd. Acquires 64,427 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in PDD Holdings by 10%, owning approximately 708,218 shares valued at $83.8 million as of the latest SEC filing.
• Several hedge funds have also made moves with PDD, including IFP Advisors Inc., OneDigital Investment Advisors LLC, and Gunderson Capital Management, contributing to institutional investors owning 39.83% of the company's stock.
• PDD's stock has seen a consensus rating of "Moderate Buy" with an average target price of $144.55, despite recent cuts in price targets by analysts from firms like JPMorgan and Benchmark.

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 708,218 shares of the company's stock after buying an additional 64,427 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.05% of PDD worth $83,818,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Hollencrest Capital Management bought a new position in shares of PDD in the first quarter worth 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 worth $48,000 after purchasing an additional 290 shares during the period. Siemens Fonds Invest GmbH bought a new position in PDD during the fourth quarter valued at about $192,000. OneDigital Investment Advisors LLC bought a new position in PDD during the first quarter valued at about $204,000. Finally, Gunderson Capital Management Inc. bought a new position in PDD during the first quarter valued at about $218,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

PDD has been the topic of several research reports. China Renaissance restated a "hold" rating and set a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 price target on PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and upped their price objective for the company from $127.00 to $165.00 in a research note on Monday, May 12th. Barclays lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, Macquarie reiterated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Performance

Shares of NASDAQ PDD traded down $1.22 during midday trading on Monday, reaching $113.04. The company's stock had a trading volume of 4,441,840 shares, compared to its average volume of 8,920,572. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67. The company has a market cap of $157.37 billion, a P/E ratio of 12.17, a P/E/G ratio of 1.62 and a beta of 0.42. The business's 50 day moving average price is $106.76 and its two-hundred day moving average price is $110.54.

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 the consensus estimate of $2.25 by ($0.88). The firm had revenue of $13.19 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $20.72 earnings per share. Sell-side analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal 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.