Ping Capital Management Inc. reduced its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 69.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,000 shares of the company's stock after selling 20,800 shares during the quarter. Ping Capital Management Inc.'s holdings in PDD were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also added to or reduced their stakes in PDD. Hollencrest Capital Management bought a new stake in PDD in the first quarter worth $26,000. Carrhae Capital LLP raised its holdings in PDD by 226.2% in the first quarter. Carrhae Capital LLP now owns 196,437 shares of the company's stock worth $23,248,000 after purchasing an additional 136,217 shares in the last quarter. Victory Capital Management Inc. raised its holdings in PDD by 1.9% in the first quarter. Victory Capital Management Inc. now owns 342,729 shares of the company's stock worth $40,562,000 after purchasing an additional 6,338 shares in the last quarter. Bridgewater Advisors Inc. purchased a new stake in shares of PDD during the first quarter worth about $253,000. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of PDD by 87.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,084,979 shares of the company's stock worth $128,407,000 after acquiring an additional 506,818 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
PDD has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 target price on shares of PDD in a research report on Wednesday, May 28th. Macquarie reissued an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Benchmark reduced their price objective on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Barclays downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Finally, China Renaissance reaffirmed a "hold" rating and issued a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.
Check Out Our Latest Research Report on PDD
PDD Stock Performance
Shares of PDD traded up $1.05 during midday trading on Friday, hitting $109.00. The company had a trading volume of 10,523,399 shares, compared to its average volume of 10,954,625. The company's 50-day simple moving average is $106.34 and its 200-day simple moving average is $108.92. The firm has a market capitalization of $151.74 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.51 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 issued its earnings results 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 return on equity of 33.76% and a net margin of 24.63%. The business had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. During the same period last year, the business posted $20.72 EPS. PDD's revenue was up 10.2% on a year-over-year basis. Equities analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.
About PDD
(
Free Report)
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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