Allianz Asset Management GmbH Sells 10,651,658 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Allianz Asset Management GmbH cut its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 93.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 691,141 shares of the company’s stock after selling 10,651,658 shares during the period. Allianz Asset Management GmbH’s holdings in PDD were worth $78,368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Exchange Traded Concepts LLC grew its stake in shares of PDD by 11.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock worth $27,522,000 after acquiring an additional 25,369 shares during the period. Step Capital Management Pte. Ltd. bought a new position in shares of PDD during the 4th quarter worth $8,504,000. LBP AM SA bought a new position in shares of PDD during the 4th quarter worth $6,690,000. Triata Capital Ltd grew its stake in shares of PDD by 55.7% during the 3rd quarter. Triata Capital Ltd now owns 2,544,478 shares of the company’s stock worth $336,304,000 after acquiring an additional 910,150 shares during the period. Finally, Aspex Management HK Ltd bought a new position in shares of PDD during the 3rd quarter worth $419,287,000. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 0.1%

PDD stock opened at $81.82 on Thursday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $81.00 and a 52 week high of $139.41. The business has a 50-day simple moving average of $96.15 and a 200 day simple moving average of $103.78. The stock has a market cap of $116.46 billion, a price-to-earnings ratio of 8.84, a PEG ratio of 0.85 and a beta of -0.02.

PDD (NASDAQ:PDD) last posted its earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing the consensus estimate of $2.40 by ($1.02). PDD had a return on equity of 24.32% and a net margin of 21.86%.The business had revenue of $15.41 billion for the quarter, compared to analysts’ expectations of $15.92 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. PDD’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PDD. Jefferies Financial Group reiterated a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. 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 research note on Wednesday, May 27th. Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Friday, April 17th. Benchmark reduced their price target on PDD from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Finally, Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.33.

PDD Company 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.