Prudential PLC Purchases 90,439 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• Prudential PLC increased its stake in PDD Holdings by 6.9%, holding a total of 1,396,248 shares, which represents 0.8% of Prudential's portfolio and makes PDD its 11th largest holding.
• Recent analysts’ ratings show PDD with an average rating of "Moderate Buy" and a consensus price target of $144.55, with several upgrades and downgrades from reputable firms.
• PDD Holdings reported earnings of $1.37 per share, missing expectations, with a significant revenue of $13.19 billion, reflecting a 10.2% increase compared to the same quarter last year.

Prudential PLC boosted its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 6.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,396,248 shares of the company's stock after acquiring an additional 90,439 shares during the quarter. PDD accounts for about 0.8% of Prudential PLC's investment portfolio, making the stock its 11th largest position. Prudential PLC owned 0.10% of PDD worth $165,246,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. increased its stake in PDD by 9.0% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 184,281 shares of the company's stock worth $21,860,000 after acquiring an additional 15,195 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of PDD by 14.7% during the 1st quarter. Public Sector Pension Investment Board now owns 322,952 shares of the company's stock valued at $38,221,000 after purchasing an additional 41,500 shares during the last quarter. Todd Asset Management LLC increased its position in shares of PDD by 16.3% during the 1st quarter. Todd Asset Management LLC now owns 251,885 shares of the company's stock valued at $29,811,000 after purchasing an additional 35,375 shares during the last quarter. Nuveen LLC bought a new position in shares of PDD during the 1st quarter valued at about $169,035,000. Finally, Invesco Ltd. increased its position in shares of PDD by 44.7% during the 1st quarter. Invesco Ltd. now owns 5,301,333 shares of the company's stock valued at $627,413,000 after purchasing an additional 1,636,673 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

Shares of PDD traded up $4.21 on Friday, reaching $118.95. The stock had a trading volume of 10,075,446 shares, compared to its average volume of 8,883,104. The company has a 50-day simple moving average of $108.10 and a 200-day simple moving average of $110.66. The firm has a market capitalization of $165.60 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Tuesday, May 27th. The company reported $1.37 EPS 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 business had revenue of $13.19 billion during the quarter, compared to the consensus estimate of $103.37 billion. During the same period in the previous year, the business posted $20.72 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. On average, analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Macquarie reiterated an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. JPMorgan Chase & Co. decreased their price objective on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $127.00 to $165.00 in a research report on Monday, May 12th. China Renaissance restated a "hold" rating and issued a $107.00 price objective on shares of PDD in a research report on Wednesday, May 28th. Finally, Barclays cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. Seven investment 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 company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Company 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.