Rafferty Asset Management LLC Sells 28,876 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Rafferty Asset Management LLC reduced its stake in PDD Holdings Inc. by 22.4%, owning 100,272 shares valued at approximately $11.87 million after selling nearly 29,000 shares.
• Institutional investors have increased their investments in PDD, with Mirae Asset Global Investments raising its stake by 9,469.7% during the same period.
• PDD's recent earnings report indicated a miss on estimates, with reported earnings per share of $1.37 compared to a consensus of $2.25, while the company's revenue was $13.19 billion.

Rafferty Asset Management LLC decreased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 22.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 100,272 shares of the company's stock after selling 28,876 shares during the quarter. Rafferty Asset Management LLC's holdings in PDD were worth $11,867,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Taikang Asset Management Hong Kong Co Ltd lifted its position in PDD by 69.7% in the 1st quarter. Taikang Asset Management Hong Kong Co Ltd now owns 271,977 shares of the company's stock valued at $32,188,000 after acquiring an additional 111,731 shares in the last quarter. Compound Planning Inc. raised its holdings in shares of PDD by 18.8% in the first quarter. Compound Planning Inc. now owns 8,051 shares of the company's stock valued at $953,000 after purchasing an additional 1,273 shares during the last quarter. Norinchukin Bank The raised its holdings in shares of PDD by 177.5% in the first quarter. Norinchukin Bank The now owns 17,919 shares of the company's stock valued at $2,121,000 after purchasing an additional 11,461 shares during the last quarter. CW Advisors LLC purchased a new stake in shares of PDD in the first quarter valued at about $237,000. Finally, Goldstream Capital Management Ltd purchased a new stake in shares of PDD in the first quarter valued at about $102,000. Institutional investors own 39.83% of the company's stock.

PDD Price Performance

NASDAQ:PDD traded down $2.00 on Monday, reaching $120.22. 11,921,109 shares of the company's stock were exchanged, compared to its average volume of 9,128,307. The firm has a market cap of $167.36 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 1.42 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The stock has a fifty day simple moving average of $112.47 and a 200-day simple moving average of $111.23.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PDD. JPMorgan Chase & Co. lowered their target price on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the company a "buy" rating in a report on Monday, August 25th. Macquarie set a $165.00 target price on shares of PDD and gave the company an "outperform" rating in a report on Monday, August 25th. Barclays increased their target price on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $137.82.

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.