Sumitomo Mitsui Trust Group Inc. Raises Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in PDD Holdings by 1.2% in the first quarter, bringing its holdings to 1,702,166 shares valued at about $173.9 million.
• Several other institutional investors also boosted their positions, and hedge funds and institutions own 39.83% of PDD’s stock overall.
• Analysts are mixed on PDD: the stock currently has a Hold consensus rating with an average price target of $124.64, while shares were recently trading near $85.88 after the company missed quarterly earnings and revenue estimates.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 1.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,702,166 shares of the company's stock after purchasing an additional 19,972 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.12% of PDD worth $173,927,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Focus Partners Wealth increased its stake in PDD by 352.8% in the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company's stock worth $1,176,000 after buying an additional 7,744 shares in the last quarter. Intech Investment Management LLC raised its position in PDD by 2.7% during the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company's stock valued at $1,762,000 after purchasing an additional 395 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of PDD by 62.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company's stock valued at $174,000 after acquiring an additional 637 shares during the period. Cerity Partners LLC raised its holdings in shares of PDD by 2.0% in the second quarter. Cerity Partners LLC now owns 19,696 shares of the company's stock worth $2,061,000 after buying an additional 382 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in shares of PDD by 0.3% in the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company's stock worth $14,914,000 after purchasing an additional 369 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PDD shares. BNP Paribas Exane initiated coverage on shares of PDD in a research note on Monday, June 15th. They issued an "underperform" rating and a $89.00 price objective for the company. Barclays downgraded shares of PDD from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $165.00 to $89.00 in a report on Thursday, May 28th. Jefferies Financial Group reaffirmed a "buy" rating on shares of PDD in a report on Wednesday, May 27th. Arete Research raised shares of PDD from a "neutral" rating to a "buy" rating and set a $121.00 price objective on the stock in a report on Friday, April 17th. Finally, Citigroup cut their target price on PDD from $142.00 to $123.00 and set a "buy" rating on the stock in a research report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PDD currently has an average rating of "Hold" and an average price target of $124.64.

PDD Stock Up 1.3%

Shares of PDD stock opened at $85.88 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The business has a 50-day simple moving average of $87.46 and a 200-day simple moving average of $98.80. The stock has a market cap of $122.24 billion and a PE ratio of 9.27.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($1.02). The firm had revenue of $15.41 billion for the quarter, compared to analysts' expectations of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. PDD's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the firm earned $1.57 earnings per share. Sell-side analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

PDD Company Profile

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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