Ardmore Road Asset Management LP Takes Position in PDD Holdings Inc. Sponsored ADR $PDD

Ardmore Road Asset Management LP bought a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the first quarter, HoldingsChannel reports. The fund bought 153,000 shares of the company’s stock, valued at approximately $15,634,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of PDD. Focus Partners Wealth boosted its position in PDD by 352.8% in the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after purchasing an additional 7,744 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of PDD by 2.7% during the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after purchasing an additional 395 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of PDD by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after purchasing an additional 637 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of PDD by 2.0% in the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after purchasing an additional 382 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in shares of PDD by 0.3% in the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after purchasing an additional 369 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

NASDAQ:PDD opened at $82.66 on Monday. The stock has a market capitalization of $117.66 billion and a PE ratio of 8.93. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $71.94 and a fifty-two week high of $139.41. The company has a fifty day moving average of $84.42 and a two-hundred day moving average of $96.51.

PDD (NASDAQ:PDD) last announced its earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($1.02). The company 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%. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.57 EPS. Research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PDD. Sanford C. Bernstein decreased their price objective on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research report on Wednesday, May 27th. Citigroup dropped their target price on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Barclays lowered PDD from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. BNP Paribas Exane started coverage on PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 price target on the stock. Finally, Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Friday, April 17th. 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 company’s stock. According to data from MarketBeat.com, PDD presently has a consensus 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.