Allspring Global Investments Holdings LLC Increases Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Allspring Global Investments Holdings LLC boosted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 23.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 685,841 shares of the company’s stock after acquiring an additional 129,148 shares during the period. Allspring Global Investments Holdings LLC’s holdings in PDD were worth $69,805,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently modified their holdings of PDD. Advisory Services Network LLC increased its stake in shares of PDD by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock valued at $2,043,000 after purchasing an additional 102 shares in the last quarter. Wealthfront Advisers LLC boosted its holdings in PDD by 3.6% in the 1st quarter. Wealthfront Advisers LLC now owns 3,609 shares of the company’s stock worth $369,000 after buying an additional 127 shares during the last quarter. Range Financial Group LLC increased its stake in PDD by 3.8% during the 4th quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock worth $410,000 after buying an additional 131 shares in the last quarter. Focus Partners Wealth increased its stake in PDD by 1.0% during the 4th quarter. Focus Partners Wealth now owns 13,886 shares of the company’s stock worth $1,512,000 after buying an additional 142 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in shares of PDD by 4.3% during the fourth quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock valued at $414,000 after acquiring an additional 151 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PDD. The Goldman Sachs Group reiterated a “buy” rating on shares of PDD in a research report on Thursday, May 28th. Sanford C. Bernstein cut their price target on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. Morgan Stanley set a $129.00 price target on PDD in a report on Wednesday, May 27th. Barclays lowered PDD from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $165.00 to $89.00 in a research note on Thursday, May 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Hold” and a consensus price target of $124.64.

PDD Price Performance

Shares of NASDAQ PDD opened at $84.14 on Friday. The stock’s 50-day moving average is $85.72 and its two-hundred day moving average is $97.72. PDD Holdings Inc. Sponsored ADR has a 1-year low of $71.94 and a 1-year high of $139.41. The company has a market cap of $119.76 billion and a price-to-earnings ratio of 9.09.

PDD (NASDAQ:PDD) last issued 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). PDD had a net margin of 21.86% and a return on equity of 24.32%. The firm had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same period last year, the business earned $1.57 EPS. The firm’s revenue was up 11.0% compared to the same quarter last year. Equities research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

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.