WCM Investment Management LLC Increases Position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

WCM Investment Management LLC grew its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 3,127.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 411,324 shares of the company's stock after purchasing an additional 398,579 shares during the period. WCM Investment Management LLC's holdings in PDD were worth $49,544,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Renaissance Technologies LLC grew its holdings in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock valued at $91,898,000 after purchasing an additional 341,300 shares in the last quarter. Myriad Asset Management US LP purchased a new position in PDD in the 1st quarter valued at approximately $4,496,000. FMR LLC grew its stake in shares of PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PDD by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 380,638 shares of the company's stock worth $36,918,000 after acquiring an additional 16,680 shares in the last quarter. Finally, Banco Santander S.A. increased its position in shares of PDD by 61.9% during the fourth quarter. Banco Santander S.A. now owns 17,591 shares of the company's stock worth $1,706,000 after acquiring an additional 6,727 shares during the period. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Barclays lowered PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $127.00 to $165.00 in a research note on Monday, May 12th. Nomura restated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. JPMorgan Chase & Co. reduced their target price on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Finally, Macquarie reiterated an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $144.55.

PDD Stock Performance

Shares of PDD stock traded down $1.52 during mid-day trading on Wednesday, hitting $103.97. 4,236,119 shares of the stock were exchanged, compared to its average volume of 10,956,427. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67. The stock has a market capitalization of $144.74 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 1.47 and a beta of 0.42. The stock's fifty day simple moving average is $106.78 and its two-hundred day simple moving average is $108.46.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $13.19 billion for the quarter, compared to analysts' expectations of $103.37 billion. During the same quarter in the prior year, the business earned $20.72 EPS. The company's quarterly revenue was up 10.2% compared to the same quarter last year. On average, research analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

PDD Company 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.