Pictet Asset Management Holding SA Sells 332,345 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Pictet Asset Management Holding SA reduced its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 27.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 899,487 shares of the company’s stock after selling 332,345 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of PDD worth $91,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisory Services Network LLC boosted its holdings in PDD by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock worth $2,043,000 after buying an additional 102 shares during the period. Range Financial Group LLC increased its stake in PDD by 3.8% in the 4th quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock worth $410,000 after buying an additional 131 shares in the last quarter. Focus Partners Wealth increased its stake in PDD by 1.0% in the 4th quarter. Focus Partners Wealth now owns 13,886 shares of the company’s stock worth $1,512,000 after buying an additional 142 shares in the last quarter. Fifth Third Bancorp raised its holdings in PDD by 4.3% during the fourth quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock valued at $414,000 after acquiring an additional 151 shares during the period. Finally, Mariner LLC lifted its position in shares of PDD by 0.8% in the fourth quarter. Mariner LLC now owns 22,092 shares of the company’s stock valued at $2,506,000 after acquiring an additional 165 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PDD has been the subject of a number of recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Nomura downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Barclays downgraded PDD from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $165.00 to $89.00 in a research note on Thursday, May 28th. Daiwa Securities Group reaffirmed a “hold” rating and set a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Finally, Sanford C. Bernstein reduced their price objective on shares of PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a research report on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, PDD has an average rating of “Hold” and an average target price of $124.64.

PDD Stock Down 0.0%

PDD opened at $76.54 on Tuesday. The company has a market capitalization of $108.95 billion, a PE ratio of 8.27, a price-to-earnings-growth ratio of 0.62 and a beta of -0.01. The firm has a 50-day simple moving average of $90.24 and a two-hundred day simple moving average of $100.34. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 21.86% and a return on equity of 24.32%. PDD’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.57 earnings per share. As a group, sell-side analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.

PDD Company 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.