Wellington Management Group LLP Has $7.26 Million Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Wellington Management cut its PDD Holdings stake by 80.4% in the second quarter, selling 389,344 shares and retaining 95,174 shares valued at approximately $7.26 million.
• Institutional investors and hedge funds own 39.83% of PDD. Several other funds increased their positions, including Focus Partners Wealth, which boosted its stake by 352.8%.
• PDD shares opened at $79.75, near the lower end of their 52-week range, despite reporting quarterly earnings of $2.84 per share on $16.54 billion in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $114.83.

Wellington Management Group LLP reduced its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 80.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 95,174 shares of the company's stock after selling 389,344 shares during the quarter. Wellington Management Group LLP's holdings in PDD were worth $7,260,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Focus Partners Wealth increased its position in shares of PDD by 352.8% during the first quarter. Focus Partners Wealth now owns 9,939 shares of the company's stock worth $1,176,000 after acquiring an additional 7,744 shares in the last quarter. Intech Investment Management LLC boosted its stake in PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company's stock worth $1,762,000 after purchasing an additional 395 shares during the period. EverSource Wealth Advisors LLC boosted its stake in PDD by 62.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company's stock worth $174,000 after purchasing an additional 637 shares during the period. Cerity Partners LLC increased its holdings in PDD by 2.0% during the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company's stock worth $2,061,000 after purchasing an additional 382 shares in the last quarter. Finally, CIBC Asset Management Inc increased its holdings in PDD by 0.3% during the 2nd 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 in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Price Performance

Shares of NASDAQ PDD opened at $79.75 on Wednesday. The stock has a market capitalization of $113.52 billion, a price-to-earnings ratio of 8.78, a PEG ratio of 0.62 and a beta of -0.01. The business has a 50-day moving average of $85.91 and a 200-day moving average of $91.96. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $71.94 and a fifty-two week high of $139.41.

PDD (NASDAQ:PDD - Get Free Report) last released its earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The business had revenue of $16.54 billion for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, sell-side analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.5 EPS for the current year.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research reports. Zacks Research upgraded PDD from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. Daiwa Securities Group reissued a "hold" rating and issued a $80.00 target price on shares of PDD in a research report on Tuesday, June 23rd. Morgan Stanley set a $129.00 target price on PDD in a research note on Wednesday, May 27th. BNP Paribas Exane initiated coverage on PDD in a research report on Monday, June 15th. They set an "underperform" rating and a $89.00 price target for the company. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of PDD in a research note on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, PDD presently has an average rating of "Hold" and a consensus price target of $114.83.

PDD Company Profile

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company's businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.

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