Norinchukin Bank The Purchases 11,461 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Norinchukin Bank increased its stake in PDD Holdings Inc. by 177.5%, acquiring an additional 11,461 shares, bringing its total to 17,919 shares worth approximately $2.12 million.
• Multiple brokerages have recently set new price targets for PDD, with Citigroup raising its target from $127 to $165, while Benchmark cut theirs from $160 to $128.
• PDD's quarterly earnings report showed a EPS of $1.37, missing estimates significantly, with revenues reported at $13.19 billion.

Norinchukin Bank The grew its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 177.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,919 shares of the company's stock after acquiring an additional 11,461 shares during the quarter. Norinchukin Bank The's holdings in PDD were worth $2,121,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in shares of PDD in the 1st quarter valued at about $26,000. IFP Advisors Inc increased its stake in shares of PDD by 245.8% in the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after acquiring an additional 290 shares during the last quarter. Goldstream Capital Management Ltd bought a new stake in shares of PDD in the 1st quarter valued at about $102,000. Siemens Fonds Invest GmbH bought a new stake in shares of PDD in the 4th quarter valued at about $192,000. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of PDD in the 1st quarter valued at about $204,000. 39.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on PDD. Benchmark lowered 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. 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. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Citigroup raised PDD from a "neutral" rating to a "buy" rating and increased their target price for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 target price on shares of PDD in a research note on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Up 3.4%

Shares of PDD opened at $127.11 on Friday. The stock has a market capitalization of $176.96 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.75 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The company has a 50 day moving average of $110.35 and a 200-day moving average of $111.03.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly 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). The business had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. PDD had a return on equity of 33.76% and a net margin of 24.63%.PDD's revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $20.72 earnings per share. On average, sell-side analysts anticipate 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.

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