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

Principal Financial Group Inc. lessened its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 42.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 298,988 shares of the company's stock after selling 218,089 shares during the quarter. Principal Financial Group Inc.'s holdings in PDD were worth $35,385,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PDD. US Bancorp DE raised its position in PDD by 14.2% in the fourth quarter. US Bancorp DE now owns 9,079 shares of the company's stock valued at $881,000 after purchasing an additional 1,127 shares during the period. Jones Financial Companies Lllp raised its holdings in shares of PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after buying an additional 97 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in PDD by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 927,788 shares of the company's stock worth $89,986,000 after acquiring an additional 23,772 shares in the last quarter. M&T Bank Corp boosted its holdings in PDD by 11.0% during the 4th quarter. M&T Bank Corp now owns 17,570 shares of the company's stock valued at $1,704,000 after acquiring an additional 1,740 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in PDD in the 4th quarter valued at about $3,114,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of research reports. China Renaissance reiterated a "hold" rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Barclays lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Nomura restated a "neutral" rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price objective on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Finally, Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Performance

PDD stock traded up $0.21 during mid-day trading on Thursday, reaching $105.21. 2,126,221 shares of the company were exchanged, compared to its average volume of 10,934,517. The firm's 50-day simple moving average is $106.91 and its two-hundred day simple moving average is $108.56. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The firm has a market cap of $146.46 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.49 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.88). The firm had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business's quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $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.

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.