TD Asset Management Inc Cuts Stock Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Key Points

• TD Asset Management Inc decreased its holdings in PDD Holdings Inc. by 6.7%, owning 113,612 shares worth approximately $13.4 million after selling 8,216 shares in the first quarter.
• Analysts have mixed ratings on PDD, with Barclays downgrading it from a "strong-buy" to a "hold", while Citigroup upgraded it to a "buy" with a price target increase from $127.00 to $165.00.
• PDD reported earnings of $1.37 per share, which was below expectations of $2.25 per share, alongside a revenue of $13.19 billion for the last quarter.

TD Asset Management Inc lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 6.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,612 shares of the company's stock after selling 8,216 shares during the quarter. TD Asset Management Inc's holdings in PDD were worth $13,446,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PDD. Mirae Asset Global Investments Co. Ltd. raised its holdings in PDD by 9,469.7% during the 1st 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. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares during the last quarter. Sanders Capital LLC bought a new position in PDD during the 4th quarter worth approximately $499,972,000. FMR LLC raised its holdings in PDD by 22.3% during the 4th 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. Finally, FIL Ltd raised its holdings in PDD by 72.4% during the 4th 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. Institutional investors own 39.83% of the company's stock.

PDD Trading Down 3.0%

NASDAQ PDD traded down $3.39 during mid-day trading on Friday, hitting $110.06. The company's stock had a trading volume of 7,640,376 shares, compared to its average volume of 6,351,242. The company's 50 day simple moving average is $105.72 and its 200 day simple moving average is $110.10. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The firm has a market capitalization of $153.22 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.59 and a beta of 0.42.

PDD (NASDAQ:PDD - Get Free Report) last posted 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). The business had revenue of $13.19 billion during the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business posted $20.72 EPS. As a group, research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Macquarie reiterated an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $127.00 to $165.00 in a research note on Monday, May 12th. China Renaissance reiterated a "hold" rating and issued a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Finally, Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the company a "buy" rating 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's stock. According to data from MarketBeat, PDD has an average rating of "Moderate Buy" and a consensus price target 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.