PDD Holdings Inc. Sponsored ADR $PDD Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System lifted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 5.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,265,353 shares of the company’s stock after purchasing an additional 69,531 shares during the period. California Public Employees Retirement System owned about 0.09% of PDD worth $129,294,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in PDD in the 4th quarter valued at about $1,065,446,000. Assenagon Asset Management S.A. grew its position in shares of PDD by 305.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock worth $762,991,000 after buying an additional 5,070,827 shares in the last quarter. Himalaya Capital Management LLC purchased a new stake in shares of PDD during the second quarter worth approximately $482,273,000. Dodge & Cox purchased a new stake in shares of PDD during the fourth quarter worth approximately $503,429,000. Finally, Orbis Allan Gray Ltd raised 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 acquiring an additional 3,250,416 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Down 2.9%

NASDAQ:PDD opened at $84.14 on Friday. The company has a market capitalization of $119.76 billion and a PE ratio of 9.09. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The stock’s 50 day moving average price is $85.72 and its 200 day moving average price is $97.72.

PDD (NASDAQ:PDD) last posted its quarterly earnings data 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 firm had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. PDD’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.57 earnings per share. As a group, sell-side analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current fiscal year.

Analyst Ratings Changes

PDD has been the subject of several analyst reports. Daiwa Securities Group reiterated a “hold” rating and set a $80.00 price target on shares of PDD in a report on Tuesday, June 23rd. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research report on Friday, April 17th. Nomura lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Sanford C. Bernstein decreased 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. Finally, Citigroup dropped their price objective on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, PDD 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.