Barings LLC Reduces Stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Barings LLC cut its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 30.7% during the 1st quarter, Holdings Channel.com reports. The fund owned 511,703 shares of the company’s stock after selling 226,467 shares during the period. PDD accounts for about 1.5% of Barings LLC’s portfolio, making the stock its 8th biggest position. Barings LLC’s holdings in PDD were worth $60,560,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of PDD by 23.7% in the 4th quarter. Geode Capital Management LLC now owns 5,794,895 shares of the company’s stock worth $559,482,000 after buying an additional 1,108,390 shares during the last quarter. Pitcairn Co. purchased a new position in shares of PDD in the 4th quarter worth about $338,000. Integrated Quantitative Investments LLC purchased a new position in shares of PDD in the 4th quarter worth about $1,463,000. Pamalican Asset Management Ltd purchased a new position in shares of PDD in the 4th quarter worth about $11,445,000. Finally, Arizona PSPRS Trust purchased a new position in shares of PDD in the 4th quarter worth about $1,372,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

Shares of PDD stock opened at $110.06 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67. The stock’s 50-day simple moving average is $105.72 and its 200 day simple moving average is $110.10. The stock has a market capitalization of $153.22 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.59 and a beta of 0.42.

PDD (NASDAQ:PDD) last posted 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). The company had revenue of $13.19 billion for the quarter, compared to analysts’ expectations of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $20.72 EPS. Equities research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PDD. Macquarie reissued an “outperform” rating on shares of PDD in a report on Tuesday, May 27th. JPMorgan Chase & Co. cut their price target on shares of PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Jefferies Financial Group set a $121.00 price target on shares of PDD and gave the stock a “buy” rating in a report on Tuesday, May 27th. Barclays downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Sunday, June 1st. Finally, Benchmark lowered their price objective on PDD from $160.00 to $128.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has a consensus rating of “Moderate Buy” and a consensus target price 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.