PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Shares Acquired by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 24.1% in the first quarter, Holdings Channel reports. The institutional investor owned 383,680 shares of the company’s stock after buying an additional 74,395 shares during the quarter. PDD accounts for approximately 1.2% of OVERSEA CHINESE BANKING Corp Ltd’s portfolio, making the stock its 16th biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in PDD were worth $45,424,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC grew its position in shares of PDD by 78.3% during the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company’s stock worth $596,057,000 after buying an additional 2,211,286 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company’s stock worth $91,898,000 after purchasing an additional 341,300 shares during the period. Myriad Asset Management US LP acquired a new position in PDD in the first quarter worth $4,496,000. FMR LLC boosted its holdings in PDD by 22.3% in the fourth 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 period. Finally, Sanders Capital LLC acquired a new position in PDD in the fourth quarter worth $499,972,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

PDD stock opened at $110.06 on Friday. The stock 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 Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67. The stock’s fifty day moving average is $105.72 and its two-hundred day moving average is $110.10.

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

Analyst Ratings Changes

A number of research firms have commented on PDD. Macquarie reaffirmed an “outperform” rating on shares of PDD in a report on Tuesday, May 27th. Benchmark decreased their price objective on shares of PDD from $160.00 to $128.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. JPMorgan Chase & Co. decreased their price objective on shares of PDD from $125.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Citigroup raised shares of 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 report on Monday, May 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. Seven equities research 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, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.