PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Causeway Capital Management LLC

Key Points

• Causeway Capital Management LLC reduced its stake in PDD Holdings by 76.3%, selling 340,346 shares and ending up with 105,926 shares valued at approximately $12.5 million.
• Analysts have a consensus rating of "Moderate Buy" for PDD, with a target price averaging $144.55, while recent earnings reports indicated missed profit expectations with EPS of $1.37.
• PDD Holdings has a market cap of $178.49 billion and is trading at a 52-week range from $87.11 to $155.67, reflecting its growth potential in the e-commerce sector.

Causeway Capital Management LLC lessened its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 76.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 105,926 shares of the company's stock after selling 340,346 shares during the quarter. Causeway Capital Management LLC's holdings in PDD were worth $12,536,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in PDD in the 4th quarter worth $3,114,000. The Manufacturers Life Insurance Company boosted its holdings in PDD by 2.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 830,880 shares of the company's stock valued at $80,587,000 after purchasing an additional 17,842 shares during the last quarter. Northern Trust Corp grew its stake in PDD by 182.8% during the 4th quarter. Northern Trust Corp now owns 3,236,686 shares of the company's stock valued at $313,926,000 after purchasing an additional 2,092,160 shares in the last quarter. AQR Capital Management LLC increased its holdings in PDD by 4.1% during the 4th quarter. AQR Capital Management LLC now owns 884,082 shares of the company's stock worth $85,747,000 after purchasing an additional 35,036 shares during the last quarter. Finally, Wahed Invest LLC raised its position in shares of PDD by 12.5% in the 4th quarter. Wahed Invest LLC now owns 10,825 shares of the company's stock valued at $1,050,000 after purchasing an additional 1,199 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PDD shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 price target on shares of PDD in a research report on Wednesday, May 28th. Macquarie restated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Barclays lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. China Renaissance reissued a "hold" rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the company a "buy" rating in a research report on Tuesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Stock Up 0.9%

Shares of NASDAQ:PDD opened at $128.21 on Tuesday. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67. The company has a market cap of $178.49 billion, a PE ratio of 13.80, a P/E/G ratio of 1.81 and a beta of 0.42. The company's 50-day moving average price is $110.86 and its 200 day moving average price is $111.13.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly 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 business had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. During the same period last year, the firm posted $20.72 EPS. The business's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

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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