Aberdeen Group plc Sells 146,686 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Aberdeen Group plc reduced its stake in PDD Holdings Inc. by 10.5%, now owning approximately 0.09% of the company, worth $148.6 million after selling 146,686 shares.
• Analyst ratings for PDD vary, with Jefferies giving a "buy" rating and a target price of $121, while JPMorgan cut its target from $125 to $105, and Barclays downgraded from "strong buy" to "hold."
• PDD reported quarterly earnings of $1.37 EPS, missing estimates of $2.25, with revenue of $13.19 billion, reflecting a 10.2% increase year-over-year.

Aberdeen Group plc lowered its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 10.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,250,633 shares of the company's stock after selling 146,686 shares during the quarter. Aberdeen Group plc owned approximately 0.09% of PDD worth $148,581,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. increased its holdings in shares of PDD by 5.2% during the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock valued at $4,739,595,000 after purchasing an additional 1,987,935 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in PDD by 9,469.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares during the period. Vanguard Group Inc. grew its holdings in shares of PDD by 1.5% during the first quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock valued at $3,441,556,000 after buying an additional 416,867 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after acquiring an additional 14,110,042 shares in the last quarter. Finally, Dragoneer Investment Group LLC grew its position in PDD by 48.8% during the fourth quarter. Dragoneer Investment Group LLC now owns 5,572,094 shares of the company's stock valued at $540,437,000 after purchasing an additional 1,827,853 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

PDD has been the topic of several research reports. China Renaissance reaffirmed a "hold" rating and issued a $107.00 target price on shares of PDD in a research report on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the stock a "buy" rating in a report on Tuesday, May 27th. Benchmark cut their price target on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Barclays cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Up 3.7%

PDD stock traded up $4.21 during midday trading on Friday, reaching $118.95. 10,077,227 shares of the company's stock traded hands, compared to its average volume of 6,542,813. The company has a 50-day simple moving average of $108.47 and a two-hundred day simple moving average of $110.67. The company has a market cap of $165.60 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.69 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings data 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). PDD had a net margin of 24.63% and a return on equity of 33.76%. The company had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. During the same quarter in the previous year, the business posted $20.72 EPS. The company's revenue was up 10.2% compared to the same quarter last year. Equities research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

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.