Louisiana State Employees Retirement System Purchases New Stake in PDD Holdings Inc. Sponsored ADR $PDD

Louisiana State Employees Retirement System acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 43,900 shares of the company’s stock, valued at approximately $4,486,000.

A number of other large investors have also recently bought and sold shares of the company. Focus Partners Wealth increased its holdings in PDD by 352.8% in the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after buying an additional 7,744 shares during the period. Intech Investment Management LLC lifted its holdings in shares of PDD by 2.7% during the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock worth $1,762,000 after acquiring an additional 395 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of PDD by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock worth $174,000 after acquiring an additional 637 shares in the last quarter. Cerity Partners LLC boosted its position in shares of 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 acquiring an additional 382 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in PDD by 0.3% in the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after acquiring an additional 369 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PDD. Citigroup lowered their price objective on shares of PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Barclays downgraded PDD from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $165.00 to $89.00 in a report on Thursday, May 28th. Sanford C. Bernstein lowered their price target on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. BNP Paribas Exane assumed coverage on PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 price objective for the company. Finally, Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective on the stock in a research note on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PDD currently has a consensus rating of “Hold” and a consensus target price of $124.64.

PDD Price Performance

Shares of PDD stock opened at $76.55 on Friday. The stock has a market capitalization of $108.96 billion, a PE ratio of 8.27, a PEG ratio of 0.60 and a beta of -0.02. The business’s 50 day simple moving average is $90.78 and its 200 day simple moving average is $100.74. PDD Holdings Inc. Sponsored ADR has a one year low of $71.94 and a one year high of $139.41.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($1.02). The firm had revenue of $15.41 billion for the quarter, compared to the consensus estimate of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.57 EPS. As a group, research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.

PDD Profile

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.