LGT Fund Management Co Ltd. Takes $656,000 Position in PDD Holdings Inc. Sponsored ADR $PDD

LGT Fund Management Co Ltd. purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 6,417 shares of the company’s stock, valued at approximately $656,000.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC raised its position in PDD by 595.0% during the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares in the last quarter. Binnacle Investments Inc boosted its holdings in shares of PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after purchasing an additional 200 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of PDD by 230.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after purchasing an additional 263 shares in the last quarter. Wexford Capital LP bought a new position in shares of PDD in the 3rd quarter valued at $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of PDD in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the subject of several recent analyst reports. Sanford C. Bernstein dropped their price objective on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research report on Wednesday, May 27th. The Goldman Sachs Group reiterated a “buy” rating on shares of PDD in a research report on Thursday, May 28th. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Benchmark dropped their target price on shares of PDD from $160.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, May 28th. Finally, Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, PDD has an average rating of “Hold” and an average price target of $124.64.

PDD Price Performance

Shares of PDD opened at $85.13 on Monday. The stock has a market cap of $121.17 billion and a PE ratio of 9.19. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.41. The business has a 50-day simple moving average of $87.21 and a two-hundred day simple moving average of $98.61.

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). PDD had a net margin of 21.86% and a return on equity of 24.32%. The firm had revenue of $15.41 billion for the quarter, compared to analyst estimates of $15.92 billion. During the same period in the previous year, the business posted $1.57 earnings per share. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current 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.