Bank of New York Mellon Corp Sells 51,556 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Bank of New York Mellon Corp reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,436,518 shares of the company’s stock after selling 51,556 shares during the period. Bank of New York Mellon Corp’s holdings in PDD were worth $146,783,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after purchasing an additional 238 shares in the last quarter. Binnacle Investments Inc lifted its stake in PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in PDD by 230.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after buying an additional 263 shares in the last quarter. Wexford Capital LP bought a new stake in shares of PDD during the third quarter worth $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of PDD during the fourth quarter worth $44,000. 39.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on PDD. Sanford C. Bernstein dropped their price target on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research note on Wednesday, May 27th. Jefferies Financial Group restated a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Finally, BNP Paribas Exane assumed coverage on PDD in a report on Monday, June 15th. They set an “underperform” rating and a $89.00 price target on the stock. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $124.64.

PDD Stock Performance

PDD stock opened at $84.14 on Monday. The company has a market capitalization of $119.76 billion and a P/E ratio of 9.09. The company has a fifty day moving average price of $85.72 and a 200-day moving average price of $97.60. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41.

PDD (NASDAQ:PDD) last issued 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 business had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.57 EPS. As a group, sell-side analysts forecast 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.