Principal Financial Group Inc. Decreases Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Principal Financial Group Inc. lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 42.2% during the first quarter, according to its most recent filing with the SEC. 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 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Krane Funds Advisors LLC boosted its holdings 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 worth $596,057,000 after buying an additional 2,211,286 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in PDD by 56.3% during the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock valued at $91,898,000 after purchasing an additional 341,300 shares during the last quarter. Myriad Asset Management US LP purchased a new stake in PDD during the first quarter valued at about $4,496,000. FMR LLC lifted its holdings in PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PDD by 4.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 380,638 shares of the company's stock valued at $36,918,000 after buying an additional 16,680 shares during the period. Institutional investors and hedge funds own 39.83% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on PDD shares. Nomura reaffirmed a "neutral" rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Citigroup raised PDD from a "neutral" rating to a "buy" rating and increased their price objective for the company from $127.00 to $165.00 in a research note on Monday, May 12th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Benchmark dropped 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. Finally, Jefferies Financial Group set a $121.00 price objective on PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PDD currently has an average rating of "Moderate Buy" and an average target price of $144.55.

PDD Stock Up 1.2%

NASDAQ:PDD traded up $1.22 on Friday, hitting $106.19. The stock had a trading volume of 1,020,090 shares, compared to its average volume of 10,928,944. The stock has a market cap of $147.84 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 1.47 and a beta of 0.42. The business's 50-day simple moving average is $106.89 and its two-hundred day simple moving average is $108.59. 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 posted 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). The company 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 firm's quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $20.72 earnings per share. As a group, equities research 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.