PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Shares Sold by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. reduced its stake in PDD Holdings by 18.3%, now holding 428,116 shares valued at approximately $50.67 million.
• PDD reported $1.37 earnings per share, missing analyst estimates of $2.25, while revenue for the quarter was $13.19 billion, above the expected $10.34 billion.
• PDD shares recently opened at $114.26, with a market capitalization of $159.07 billion and a consensus price target of $144.55 from analysts.

Coronation Fund Managers Ltd. cut its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 18.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 428,116 shares of the company's stock after selling 95,847 shares during the quarter. PDD makes up 2.7% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 10th biggest holding. Coronation Fund Managers Ltd.'s holdings in PDD were worth $50,668,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in shares of PDD by 1.3% during the 1st quarter. Signaturefd LLC now owns 8,957 shares of the company's stock worth $1,060,000 after buying an additional 119 shares in the last quarter. Focus Financial Network Inc. increased its stake in PDD by 6.3% in the 1st quarter. Focus Financial Network Inc. now owns 2,279 shares of the company's stock valued at $270,000 after purchasing an additional 136 shares in the last quarter. Lindbrook Capital LLC increased its stake in PDD by 11.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company's stock valued at $228,000 after purchasing an additional 199 shares in the last quarter. Hollencrest Capital Management purchased a new position in PDD in the 1st quarter valued at approximately $26,000. Finally, AE Wealth Management LLC increased its stake in PDD by 3.8% in the 1st quarter. AE Wealth Management LLC now owns 6,209 shares of the company's stock valued at $735,000 after purchasing an additional 229 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Trading Up 0.1%

Shares of PDD stock opened at $114.26 on Friday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The stock has a market capitalization of $159.07 billion, a P/E ratio of 12.30, a PEG ratio of 1.62 and a beta of 0.42. The business's fifty day moving average price is $106.76 and its 200 day moving average price is $110.50.

PDD (NASDAQ:PDD - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). PDD had a net margin of 24.63% and a return on equity of 33.76%. The firm 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. PDD's revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Analyst Ratings Changes

PDD has been the subject of several research analyst reports. Macquarie reaffirmed an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Jefferies Financial Group set a $121.00 price objective on PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Benchmark lowered their target price on PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. China Renaissance reiterated a "hold" rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Finally, Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and increased their target price for the company from $127.00 to $165.00 in a report on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, PDD currently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

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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