Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 2.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,701,589 shares of the company's stock after acquiring an additional 39,242 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.12% of PDD worth $201,383,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in PDD by 9,469.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares during the last quarter. Vanguard Group Inc. lifted its stake in PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock worth $2,779,986,000 after purchasing an additional 268,662 shares during the last quarter. FMR LLC lifted its stake in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. Norges Bank bought a new stake in PDD in the fourth quarter worth $812,246,000. Finally, FIL Ltd lifted its stake in PDD by 72.4% in the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after purchasing an additional 3,350,627 shares during the last quarter. 39.83% of the stock is owned by institutional investors.
PDD Price Performance
Shares of NASDAQ PDD opened at $105.14 on Friday. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67. The company's 50-day moving average is $106.43 and its 200 day moving average is $108.44. The stock has a market capitalization of $146.37 billion, a P/E ratio of 11.32, a P/E/G ratio of 1.47 and a beta of 0.42.
PDD (NASDAQ:PDD - Get Free Report) last announced its quarterly earnings results 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). PDD had a net margin of 24.63% and a return on equity of 33.76%. The company had revenue of $13.19 billion for the quarter, compared to analysts' expectations of $103.37 billion. During the same quarter in the prior year, the firm earned $20.72 EPS. PDD's quarterly revenue was up 10.2% compared to the same quarter last year. Research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.
Analyst Ratings Changes
Several analysts have weighed in on the stock. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the company a "buy" rating in a research report on Tuesday, May 27th. 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. Macquarie restated an "outperform" rating on shares of PDD in a research report on Tuesday, May 27th. Finally, Nomura restated a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. 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's stock. According to MarketBeat.com, PDD presently has a consensus rating of "Moderate Buy" and an average target price of $144.55.
Check Out Our Latest Research Report on PDD
About PDD
(
Free Report)
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.
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