WT Asset Management Ltd Acquires New Position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

WT Asset Management Ltd acquired a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 439,250 shares of the company's stock, valued at approximately $51,985,000. PDD comprises 6.1% of WT Asset Management Ltd's portfolio, making the stock its 7th biggest position.

A number of other institutional investors also recently made changes to their positions in PDD. Jones Financial Companies Lllp increased its stake in PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after purchasing an additional 97 shares during the period. Farther Finance Advisors LLC increased its stake in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after buying an additional 132 shares during the period. Focus Financial Network Inc. increased its stake in shares of PDD by 6.3% in the first quarter. Focus Financial Network Inc. now owns 2,279 shares of the company's stock worth $270,000 after buying an additional 136 shares during the period. New York Life Investment Management LLC raised its holdings in PDD by 5.8% during the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock valued at $245,000 after buying an additional 139 shares during the last quarter. Finally, Cibc World Markets Corp boosted its position in PDD by 1.1% during the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock valued at $1,435,000 after buying an additional 164 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Performance

Shares of PDD stock traded down $0.62 during trading on Thursday, hitting $103.35. The company's stock had a trading volume of 2,742,509 shares, compared to its average volume of 10,951,532. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The company has a market capitalization of $143.88 billion, a PE ratio of 11.12, a P/E/G ratio of 1.48 and a beta of 0.42. The company has a fifty day simple moving average of $106.85 and a two-hundred day simple moving average of $108.43.

PDD (NASDAQ:PDD - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.88). PDD had a net margin of 24.63% and a return on equity of 33.76%. The business had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $103.37 billion. During the same period in the prior year, the business posted $20.72 EPS. PDD's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PDD shares. Benchmark decreased their price objective on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Macquarie restated an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Finally, Jefferies Financial Group set a $121.00 target price on PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Seven analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.

About PDD

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.