Bank of New York Mellon Corp Sells 250,404 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Bank of New York Mellon Corp lowered its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 14.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,488,074 shares of the company’s stock after selling 250,404 shares during the period. Bank of New York Mellon Corp’s holdings in PDD were worth $168,733,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PDD. GAMMA Investing LLC boosted its holdings in PDD by 595.0% in the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. Binnacle Investments Inc boosted its holdings in PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Wexford Capital LP bought a new stake in PDD in the third quarter valued at $44,000. Assetmark Inc. boosted its holdings in PDD by 314.4% in the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Finally, Larson Financial Group LLC boosted its holdings in PDD by 720.4% in the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 353 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.9%

Shares of PDD stock opened at $85.07 on Friday. The firm has a market capitalization of $121.09 billion, a P/E ratio of 9.19, a P/E/G ratio of 0.81 and a beta of -0.02. The business has a fifty day simple moving average of $97.20 and a two-hundred day simple moving average of $104.68. PDD Holdings Inc. Sponsored ADR has a 12 month low of $81.56 and a 12 month high of $139.41.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Friday, May 15th. The company reported $0.34 EPS for the quarter. The business had revenue of $15.41 million during the quarter. PDD had a return on equity of 24.32% and a net margin of 21.86%. Analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.98 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Benchmark cut their price target on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a report on Thursday, May 28th. Citigroup lowered their price objective on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research report on Friday, April 17th. Finally, Barclays lowered PDD from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $165.00 to $89.00 in a research report on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $131.33.

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.