PDD Holdings Inc. Sponsored ADR $PDD Shares Purchased by CI Investments Inc.

Key Points

• CI Investments Inc. boosted its stake in PDD Holdings by 881.4% in the first quarter, buying an additional 79,183 shares and bringing its total to 88,167 shares worth about $9.0 million.
• PDD’s latest quarterly results disappointed, with EPS of $1.38 versus the $2.40 consensus estimate and revenue of $15.41 billion slightly below expectations, even though sales still rose 11% year over year.
• Wall Street sentiment is mixed: analysts have a Hold consensus on PDD, with an average price target of $124.64, while recent rating and target cuts from firms like Barclays and Nomura reflect caution.

CI Investments Inc. increased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 881.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 88,167 shares of the company's stock after purchasing an additional 79,183 shares during the quarter. CI Investments Inc.'s holdings in PDD were worth $9,009,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PDD. Vanguard Group Inc. increased its holdings in PDD by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company's stock worth $3,720,397,000 after acquiring an additional 425,908 shares in the last quarter. Norges Bank purchased a new position in PDD in the 4th quarter valued at about $1,065,446,000. Geode Capital Management LLC boosted its stake in shares of PDD by 5.6% in the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company's stock worth $761,720,000 after acquiring an additional 359,921 shares during the last quarter. Krane Funds Advisors LLC boosted its stake in PDD by 4.2% during the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company's stock worth $725,465,000 after purchasing an additional 258,888 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in PDD by 94.6% in the 1st quarter. SG Americas Securities LLC now owns 6,301,820 shares of the company's stock valued at $643,920,000 after acquiring an additional 3,063,694 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Performance

Shares of PDD opened at $83.59 on Thursday. The stock has a market capitalization of $118.98 billion and a P/E ratio of 9.03. PDD Holdings Inc. Sponsored ADR has a 1 year low of $71.94 and a 1 year high of $139.41. The company's fifty day moving average is $84.93 and its two-hundred day moving average is $96.99.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing analysts' consensus estimates of $2.40 by ($1.02). PDD had a net margin of 21.86% and a return on equity of 24.32%. The firm had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same quarter in the previous year, the business earned $1.57 EPS. PDD's revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PDD shares. Daiwa Securities Group reiterated a "hold" rating and set a $80.00 price objective on shares of PDD in a research report on Tuesday, June 23rd. The Goldman Sachs Group reissued a "buy" rating on shares of PDD in a research note on Thursday, May 28th. Barclays lowered PDD from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $165.00 to $89.00 in a research report on Thursday, May 28th. Nomura lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Finally, Citigroup cut their price target on PDD from $142.00 to $123.00 and set a "buy" rating on the stock in a research note on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PDD has a consensus rating of "Hold" and an average target price of $124.64.

PDD Profile

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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