PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in PDD Holdings Inc. by 9.0% during the first quarter, raising its holdings to 184,281 shares worth approximately $21.86 million.
• PDD reported a quarterly earnings miss with earnings per share of $1.37, falling short of the consensus estimate of $2.25, while also experiencing a revenue increase of 10.2% compared to the previous year.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with target prices ranging from $107.00 to $144.55 following various ratings updates.

Resona Asset Management Co. Ltd. grew its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 9.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 184,281 shares of the company's stock after purchasing an additional 15,195 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in PDD were worth $21,860,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PDD. Cerity Partners LLC boosted its stake in PDD by 5.0% in the 4th quarter. Cerity Partners LLC now owns 14,576 shares of the company's stock worth $1,500,000 after purchasing an additional 694 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of PDD in the fourth quarter valued at approximately $3,114,000. Townsquare Capital LLC raised its position in PDD by 41.3% during the fourth quarter. Townsquare Capital LLC now owns 5,382 shares of the company's stock valued at $522,000 after purchasing an additional 1,572 shares in the last quarter. Summit Investment Advisors Inc. lifted its stake in PDD by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 21,251 shares of the company's stock worth $2,061,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Belpointe Asset Management LLC increased its stake in shares of PDD by 3.6% in the 4th quarter. Belpointe Asset Management LLC now owns 9,690 shares of the company's stock valued at $931,000 after purchasing an additional 335 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Trading Up 3.7%

PDD traded up $4.21 during trading hours on Friday, hitting $118.95. The company's stock had a trading volume of 10,077,227 shares, compared to its average volume of 8,883,136. The business's 50-day moving average price is $108.10 and its 200-day moving average price is $110.66. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The stock has a market cap of $165.60 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 1.66 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 earnings per share 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 the consensus estimate of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business's revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $20.72 earnings per share. On average, analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Barclays cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. JPMorgan Chase & Co. dropped their price objective on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Benchmark dropped their price objective on PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Macquarie reaffirmed an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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.