Royal Bank of Canada Has $47.04 Million Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Royal Bank of Canada increased its stake in PDD Holdings Inc. by 84.9%, acquiring an additional 182,565 shares and bringing its total holdings to 397,501 shares valued at $47 million.
• Large investors have shown significant interest in PDD, with Krane Funds Advisors LLC increasing its stake by 78.3% and OVERSEA CHINESE BANKING Corp Ltd raising its stake by a staggering 4,562.1%.
• Analysts have mixed views on PDD, with Zacks Research upgrading it to a "strong-buy" rating, while the consensus rating remains at "Moderate Buy" with a target price of $137.82.

Royal Bank of Canada increased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 84.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 397,501 shares of the company's stock after purchasing an additional 182,565 shares during the quarter. Royal Bank of Canada's holdings in PDD were worth $47,044,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. DRW Securities LLC acquired a new position in PDD during the 1st quarter worth $318,000. Orbis Allan Gray Ltd increased its stake in shares of PDD by 2,354.9% in the first quarter. Orbis Allan Gray Ltd now owns 2,397,312 shares of the company's stock worth $283,722,000 after purchasing an additional 2,299,659 shares during the period. OLD Mission Capital LLC acquired a new position in shares of PDD during the 1st quarter worth about $448,000. Vident Advisory LLC boosted its stake in PDD by 3.5% during the 1st quarter. Vident Advisory LLC now owns 10,109 shares of the company's stock valued at $1,196,000 after purchasing an additional 338 shares during the period. Finally, Grafton Street Partners Fund LP bought a new stake in PDD during the 1st quarter valued at approximately $4,627,000. Institutional investors own 39.83% of the company's stock.

PDD Stock Performance

NASDAQ PDD traded up $0.35 during trading on Monday, reaching $125.03. 6,780,481 shares of the company traded hands, compared to its average volume of 9,698,484. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67. The company has a market cap of $174.06 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.47 and a beta of 0.46. The stock's 50 day moving average price is $114.63 and its two-hundred day moving average price is $111.11.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PDD. China Renaissance restated a "hold" rating and issued a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Citigroup reissued a "buy" rating on shares of PDD in a report on Monday, August 25th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $112.00 price target on shares of PDD in a research report on Wednesday, May 28th. Barclays upped their price objective on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Finally, New Street Research cut shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price for the company. in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.82.

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.