Price T Rowe Associates Inc. MD Reduces Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Price T Rowe Associates Inc. MD sold 3,837,225 shares of PDD Holdings Inc., reducing its stake by 35.7% in the first quarter, leaving it with a total of 6,911,632 shares worth approximately $817,994,000.
• Institutional investors have shown increased interest in PDD, with Krane Funds Advisors LLC raising its stake by 78.3% and OVERSEA CHINESE BANKING Corp Ltd expanding its position by a staggering 4,562.1%.
• PDD stock is currently up 4.2% and has a market capitalization of $171.18 billion, despite reporting earnings that missed analyst expectations in its latest quarterly results.

Price T Rowe Associates Inc. MD lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 35.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,911,632 shares of the company's stock after selling 3,837,225 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.50% of PDD worth $817,994,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

PDD Trading Up 0.9%

Shares of PDD stock traded up $1.10 during trading hours on Monday, reaching $128.21. The stock had a trading volume of 31,283,541 shares, compared to its average volume of 9,069,678. The stock's 50 day moving average is $110.35 and its 200 day moving average is $111.03. The firm has a market capitalization of $178.49 billion, a PE ratio of 13.80, a PEG ratio of 1.81 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.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings data 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 return on equity of 33.76% and a net margin of 24.63%.The firm had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. During the same quarter last year, the company posted $20.72 EPS. The company's revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PDD. China Renaissance reaffirmed a "hold" rating and set a $107.00 target price on shares of PDD in a research report on Wednesday, May 28th. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and raised their target price for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Macquarie reaffirmed an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $112.00 target price on shares of PDD in a research report on Wednesday, May 28th. Finally, Barclays lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $144.55.

PDD 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.