E Fund Management Co. Ltd. Sells 802,310 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• E Fund Management Co. Ltd. reduced its stake in PDD Holdings by 18.8%, now owning approximately 3.47 million shares, making it the largest holding in their portfolio.
• PDD reported $1.37 earnings per share for the recent quarter, falling short of the consensus estimate of $2.25 by $0.88, with revenues at $13.19 billion against expectations of $103.37 billion.
• Wall Street analysts have mixed ratings on PDD, with a consensus rating of "Moderate Buy" and an average target price of $144.55, indicating potential for growth.

E Fund Management Co. Ltd. lowered its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 18.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,474,551 shares of the company's stock after selling 802,310 shares during the period. PDD comprises 19.6% of E Fund Management Co. Ltd.'s portfolio, making the stock its largest holding. E Fund Management Co. Ltd. owned approximately 0.25% of PDD worth $411,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PDD. Krane Funds Advisors LLC raised its position in shares of PDD by 78.3% in the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock valued at $596,057,000 after buying an additional 2,211,286 shares during the last quarter. Myriad Asset Management US LP acquired a new position in shares of PDD in the first quarter valued at approximately $4,496,000. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of PDD by 4,562.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after buying an additional 14,110,042 shares during the last quarter. WCM Investment Management LLC raised its position in shares of PDD by 3,127.3% in the first quarter. WCM Investment Management LLC now owns 411,324 shares of the company's stock valued at $49,544,000 after buying an additional 398,579 shares during the last quarter. Finally, TB Alternative Assets Ltd. raised its position in shares of PDD by 15.4% in the first quarter. TB Alternative Assets Ltd. now owns 199,887 shares of the company's stock valued at $23,657,000 after buying an additional 26,739 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Trading Up 3.7%

NASDAQ:PDD traded up $4.21 during trading hours on Friday, hitting $118.95. 10,077,227 shares of the company traded hands, compared to its average volume of 6,564,811. The stock has a market capitalization of $165.60 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.63 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 firm has a 50-day moving average of $108.10 and a 200 day moving average of $110.66.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.88). PDD had a return on equity of 33.76% and a net margin of 24.63%. The company had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. During the same quarter last year, the business earned $20.72 EPS. PDD's quarterly revenue was up 10.2% compared to the same quarter last year. Equities research analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on PDD. China Renaissance reaffirmed a "hold" rating and set a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and raised their price target for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $112.00 price target on shares of PDD in a research report on Wednesday, May 28th. Macquarie reiterated an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. Finally, Benchmark cut their price objective on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.

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.