PDD Holdings Inc. Sponsored ADR $PDD Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 1.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,702,166 shares of the company’s stock after buying an additional 19,972 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $173,927,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Norges Bank purchased a new position in shares of PDD during the 4th quarter worth approximately $1,065,446,000. Assenagon Asset Management S.A. lifted 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 worth $762,991,000 after acquiring an additional 5,070,827 shares during the last quarter. Himalaya Capital Management LLC purchased a new stake in shares of PDD during the 2nd quarter worth $482,273,000. Dodge & Cox acquired a new position in shares of PDD during the 4th quarter worth about $503,429,000. Finally, Orbis Allan Gray Ltd boosted its holdings 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 purchasing an additional 3,250,416 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

PDD stock opened at $85.88 on Friday. The stock has a market capitalization of $122.24 billion and a PE ratio of 9.27. PDD Holdings Inc. Sponsored ADR has a one year low of $71.94 and a one year high of $139.41. The company has a fifty day moving average of $87.46 and a 200-day moving average of $98.80.

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. Equities analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PDD shares. BNP Paribas Exane began coverage on PDD in a report on Monday, June 15th. They set an “underperform” rating and a $89.00 price objective on the stock. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Friday, April 17th. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Citigroup decreased their price objective on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, Nomura lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, PDD currently has an average rating of “Hold” and a consensus price target of $124.64.

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.