Candriam S.C.A. Cuts Stake in PDD Holdings Inc. Sponsored ADR $PDD

Candriam S.C.A. reduced its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 19.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,100 shares of the company’s stock after selling 26,700 shares during the quarter. Candriam S.C.A.’s holdings in PDD were worth $11,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PDD. Vanguard Group Inc. grew its position in shares of PDD by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock valued at $3,720,397,000 after purchasing an additional 425,908 shares in the last quarter. Norges Bank bought a new stake in shares of PDD in the fourth quarter worth about $1,065,446,000. Geode Capital Management LLC lifted its position in shares of PDD by 5.6% in the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock worth $761,720,000 after buying an additional 359,921 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of PDD by 305.8% in 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. Finally, Krane Funds Advisors LLC boosted its stake in PDD by 4.2% during the fourth quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock valued at $725,465,000 after buying an additional 258,888 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Analyst Ratings Changes

PDD has been the subject of several research analyst reports. Morgan Stanley set a $129.00 price target on PDD in a report on Wednesday, May 27th. Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. BNP Paribas Exane began coverage on PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 target price for the company. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price for the company in a report on Friday, April 17th. Finally, Daiwa Securities Group restated a “hold” rating and issued a $80.00 price target on shares of PDD in a research report on Tuesday, June 23rd. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $124.64.

PDD Price Performance

NASDAQ:PDD opened at $85.13 on Monday. The firm has a market capitalization of $121.17 billion and a price-to-earnings ratio of 9.19. The business has a 50 day simple moving average of $87.21 and a 200-day simple moving average of $98.61. PDD Holdings Inc. Sponsored ADR has a 1 year low of $71.94 and a 1 year high of $139.41.

PDD (NASDAQ:PDD) last released its quarterly earnings results 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 company had revenue of $15.41 billion for the quarter, compared to analysts’ expectations of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 EPS. As a group, analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 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.