National Bank of Canada FI Sells 785,691 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• National Bank of Canada FI significantly reduced its stake in PDD Holdings Inc. by 73.4%, selling 785,691 shares and retaining 284,442 shares valued at approximately $33.66 million.
• PDD reported earnings per share (EPS) of $1.37 for its last quarter, missing analysts' expectations of $2.25, while its revenue increased by 10.2% year-over-year to $13.19 billion.
• As of now, PDD has an average rating of "Moderate Buy" from analysts, with a consensus price target of $144.55.

National Bank of Canada FI decreased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 73.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 284,442 shares of the company's stock after selling 785,691 shares during the period. National Bank of Canada FI's holdings in PDD were worth $33,664,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Hollencrest Capital Management acquired a new stake in shares of PDD during the 1st quarter valued at $26,000. IFP Advisors Inc raised its position in 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 purchasing an additional 290 shares during the last quarter. OneDigital Investment Advisors LLC bought a new stake in shares of PDD during the first quarter worth about $204,000. Gunderson Capital Management Inc. acquired a new position in shares of PDD in the first quarter valued at approximately $218,000. Finally, First Affirmative Financial Network bought a new position in PDD in the 1st quarter valued at approximately $218,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Up 0.1%

Shares of NASDAQ PDD opened at $114.26 on Friday. The firm has a market cap of $159.07 billion, a PE ratio of 12.30, a P/E/G ratio of 1.62 and a beta of 0.42. The company's fifty day simple moving average is $106.76 and its 200 day simple moving average is $110.50. 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 data on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $103.37 billion. During the same period last year, the company earned $20.72 EPS. PDD's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, equities analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. China Renaissance reissued a "hold" rating and issued a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Citigroup raised PDD from a "neutral" rating to a "buy" rating and raised their target price for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Macquarie reaffirmed an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 price target on shares of PDD in a research note on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, PDD presently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

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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