Brilliance Asset Management Ltd. Takes $67.49 Million Position in PDD Holdings Inc. Sponsored ADR $PDD

Brilliance Asset Management Ltd. acquired a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 595,174 shares of the company’s stock, valued at approximately $67,487,000. PDD comprises approximately 26.5% of Brilliance Asset Management Ltd.’s investment portfolio, making the stock its 2nd biggest holding.

Several other hedge funds have also modified their holdings of PDD. Norges Bank acquired a new stake in shares of PDD in the fourth quarter valued at $1,065,446,000. Assenagon Asset Management S.A. raised its stake in 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. Himalaya Capital Management LLC acquired a new stake in PDD in the second quarter valued at $482,273,000. Orbis Allan Gray Ltd raised its stake in PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares in the last quarter. Finally, Aspex Management HK Ltd acquired a new stake in PDD in the third quarter valued at $419,287,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PDD. Nomura lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Sanford C. Bernstein dropped their price objective on PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a report on Wednesday, May 27th. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective on the stock in a report on Friday, April 17th. Citigroup dropped their price target on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of PDD in a research report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.33.

PDD Stock Down 0.6%

Shares of PDD stock opened at $81.30 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $78.87 and a 52-week high of $139.41. The stock’s 50-day moving average price is $95.73 and its 200 day moving average price is $103.55. The stock has a market capitalization of $115.72 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 0.85 and a beta of -0.02.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 earnings per share 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 business had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. During the same period in the prior year, the firm posted $1.57 EPS. PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. Analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.92 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.