Bank of New York Mellon Corp Lowers Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Bank of New York Mellon Corp reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,488,074 shares of the company’s stock after selling 250,404 shares during the quarter. Bank of New York Mellon Corp owned about 0.11% of PDD worth $168,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PDD. Focus Partners Wealth grew its position in PDD by 352.8% during the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after acquiring an additional 7,744 shares during the last quarter. Intech Investment Management LLC grew its position in PDD by 2.7% during the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after acquiring an additional 395 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in PDD by 62.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after acquiring an additional 637 shares during the last quarter. Cerity Partners LLC grew its position in PDD by 2.0% during the second quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after acquiring an additional 382 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in PDD by 0.3% during the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after acquiring an additional 369 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on PDD shares. Morgan Stanley set a $129.00 price target on shares of PDD in a research report on Wednesday, May 27th. Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Arete Research upgraded shares of 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. Citigroup reduced their price target on shares of PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, Benchmark cut their target price on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, PDD presently has an average rating of “Moderate Buy” and a consensus price target of $131.33.

PDD Stock Performance

Shares of PDD stock opened at $85.07 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $81.56 and a 52-week high of $139.41. The stock has a market capitalization of $121.09 billion, a price-to-earnings ratio of 9.19, a P/E/G ratio of 0.81 and a beta of -0.02. The company’s 50 day moving average price is $97.20 and its 200-day moving average price is $104.68.

PDD (NASDAQ:PDD) last issued its earnings results on Friday, May 15th. The company reported $0.34 earnings per share (EPS) for the quarter. PDD had a net margin of 21.86% and a return on equity of 24.32%. The firm had revenue of $15.41 million for the quarter. As a group, equities research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.98 earnings per share for the current fiscal year.

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.