Janney Montgomery Scott LLC purchased a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 66,375 shares of the company’s stock, valued at approximately $6,782,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of PDD by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock worth $3,720,397,000 after purchasing an additional 425,908 shares in the last quarter. Norges Bank purchased a new stake in shares of PDD in the fourth quarter worth about $1,065,446,000. Geode Capital Management LLC grew its stake in shares of PDD by 5.6% in the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock valued at $761,720,000 after buying an additional 359,921 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of PDD by 305.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after buying an additional 5,070,827 shares in the last quarter. Finally, Krane Funds Advisors LLC raised its holdings in shares of PDD by 4.2% during the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock valued at $725,465,000 after buying an additional 258,888 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
PDD has been the topic of several recent research reports. BNP Paribas Exane began coverage on PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 price target on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Citigroup dropped their price objective on shares of PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Daiwa Securities Group reissued a “hold” rating and set a $80.00 target price on shares of PDD in a research report on Tuesday, June 23rd. Finally, Benchmark reduced their target price on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $124.64.
PDD Price Performance
Shares of PDD stock opened at $82.39 on Friday. PDD Holdings Inc. Sponsored ADR has a 1-year low of $71.94 and a 1-year high of $139.41. The company has a market capitalization of $117.27 billion and a PE ratio of 8.90. The business has a 50-day moving average of $88.55 and a 200-day moving average of $99.53.
PDD (NASDAQ:PDD – Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing the consensus estimate of $2.40 by ($1.02). The business had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.57 EPS. On average, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.
About PDD
PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.
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