Assenagon Asset Management S.A. Has $224.18 Million Position in PDD Holdings Inc. Sponsored ADR $PDD

Assenagon Asset Management S.A. reduced its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 67.4% during the 1st quarter, HoldingsChannel reports. The fund owned 2,193,918 shares of the company’s stock after selling 4,534,991 shares during the period. Assenagon Asset Management S.A.’s holdings in PDD were worth $224,175,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of PDD. Exchange Traded Concepts LLC increased its position in PDD by 11.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock worth $27,522,000 after buying an additional 25,369 shares during the last quarter. Step Capital Management Pte. Ltd. acquired a new stake in shares of PDD in the fourth quarter worth about $8,504,000. LBP AM SA acquired a new stake in shares of PDD in the fourth quarter worth about $6,690,000. Triata Capital Ltd boosted its stake in shares of PDD by 55.7% during the 3rd quarter. Triata Capital Ltd now owns 2,544,478 shares of the company’s stock worth $336,304,000 after acquiring an additional 910,150 shares in the last quarter. Finally, Aspex Management HK Ltd bought a new stake in shares of PDD during the 3rd quarter worth about $419,287,000. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Performance

PDD stock opened at $75.79 on Thursday. The business’s 50-day simple moving average is $91.87 and its 200-day simple moving average is $101.23. The firm has a market capitalization of $107.88 billion, a PE ratio of 8.18, a PEG ratio of 0.61 and a beta of -0.02. PDD Holdings Inc. Sponsored ADR has a 52 week low of $75.42 and a 52 week high of $139.41.

PDD (NASDAQ:PDD) last announced its earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($1.02). The business had revenue of $15.41 billion for the quarter, compared to the consensus estimate of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.57 EPS. Research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.92 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a report on Wednesday, May 27th. BNP Paribas Exane started coverage on PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 target price for the company. Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a report on Friday, April 17th. Finally, Benchmark dropped their price target on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price 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.