Principal Financial Group Inc. Sells 218,089 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Principal Financial Group Inc. lowered its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 42.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 298,988 shares of the company's stock after selling 218,089 shares during the period. Principal Financial Group Inc.'s holdings in PDD were worth $35,385,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Krane Funds Advisors LLC raised its position in shares of PDD by 78.3% in the 1st 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 in the last quarter. Renaissance Technologies LLC grew its holdings in PDD by 56.3% during the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after acquiring an additional 341,300 shares during the last quarter. Myriad Asset Management US LP bought a new stake in PDD during the 1st quarter worth approximately $4,496,000. FMR LLC grew its holdings in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PDD by 4.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 380,638 shares of the company's stock valued at $36,918,000 after purchasing an additional 16,680 shares during the last quarter. Institutional investors own 39.83% of the company's stock.

PDD Price Performance

PDD stock traded down $0.06 during trading hours on Friday, reaching $104.91. The stock had a trading volume of 4,578,504 shares, compared to its average volume of 10,960,997. The company has a fifty day simple moving average of $106.89 and a 200-day simple moving average of $108.59. The stock has a market cap of $146.05 billion, a PE ratio of 11.29, a PEG ratio of 1.47 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67.

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

Wall Street Analyst Weigh In

PDD has been the topic of a number of analyst reports. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Benchmark dropped their price target 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. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Macquarie reiterated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 price target on shares of PDD in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, PDD has an average 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.