PDD Holdings Inc. Sponsored ADR $PDD Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 6.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 150,924 shares of the company’s stock after acquiring an additional 8,813 shares during the period. CIBC Asset Management Inc’s holdings in PDD were worth $17,113,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Advisory Services Network LLC raised its position in PDD by 0.7% during the third quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock worth $2,043,000 after acquiring an additional 102 shares during the period. West Family Investments Inc. grew its position in shares of PDD by 2.8% in the third quarter. West Family Investments Inc. now owns 4,026 shares of the company’s stock valued at $532,000 after purchasing an additional 110 shares during the period. Range Financial Group LLC increased its stake in shares of PDD by 3.8% during the fourth quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock worth $410,000 after purchasing an additional 131 shares in the last quarter. Savant Capital LLC increased its stake in shares of PDD by 5.2% during the third quarter. Savant Capital LLC now owns 3,079 shares of the company’s stock worth $407,000 after purchasing an additional 151 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of PDD by 4.3% during the 4th quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock worth $414,000 after purchasing an additional 151 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD opened at $85.88 on Friday. The company’s 50-day simple moving average is $97.55 and its 200-day simple moving average is $104.82. PDD Holdings Inc. Sponsored ADR has a 1 year low of $81.56 and a 1 year high of $139.41. The stock has a market capitalization of $122.24 billion, a PE ratio of 9.27, a P/E/G ratio of 0.80 and a beta of -0.02.

PDD (NASDAQ:PDD) last released its earnings results on Friday, May 15th. The company reported $0.34 earnings per share (EPS) for the quarter. PDD had a return on equity of 24.32% and a net margin of 21.86%.The firm had revenue of $15.41 million during the quarter. On average, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.98 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on PDD shares. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $165.00 to $89.00 in a report on Thursday, May 28th. Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Friday, April 17th. Jefferies Financial Group restated a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Morgan Stanley set a $129.00 target price on shares of PDD in a research note on Wednesday, May 27th. Finally, 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. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.33.

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.