OVERSEA CHINESE BANKING Corp Ltd Has $1.71 Billion Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

OVERSEA CHINESE BANKING Corp Ltd grew its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 4,562.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,419,327 shares of the company's stock after buying an additional 14,110,042 shares during the period. PDD makes up 8.0% of OVERSEA CHINESE BANKING Corp Ltd's portfolio, making the stock its 2nd largest holding. OVERSEA CHINESE BANKING Corp Ltd owned approximately 1.05% of PDD worth $1,706,527,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PDD. Krane Funds Advisors LLC increased 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 acquiring an additional 2,211,286 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of PDD by 56.3% during the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after purchasing an additional 341,300 shares during the period. Myriad Asset Management US LP bought a new position in PDD during the 1st quarter valued at about $4,496,000. FMR LLC raised its position in PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares during the period. Finally, Sanders Capital LLC purchased a new stake in PDD in the 4th quarter worth about $499,972,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Price Performance

Shares of NASDAQ:PDD traded down $2.50 during trading hours on Monday, hitting $102.41. The company's stock had a trading volume of 6,834,237 shares, compared to its average volume of 9,288,874. The firm's fifty day moving average price is $106.77 and its 200 day moving average price is $108.76. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The company has a market capitalization of $142.57 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 1.47 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). The business had revenue of $13.19 billion during 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%. The business's quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $20.72 EPS. On average, equities research analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PDD shares. JPMorgan Chase & Co. dropped their target price on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Nomura restated a "neutral" rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark reduced their target price on PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on PDD and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Finally, Macquarie restated an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.