PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Stock Position Lifted by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 9,469.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,678,479 shares of the company’s stock after acquiring an additional 39,263,851 shares during the quarter. PDD comprises approximately 12.4% of Mirae Asset Global Investments Co. Ltd.’s holdings, making the stock its biggest position. Mirae Asset Global Investments Co. Ltd. owned about 2.88% of PDD worth $4,695,948,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in PDD by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after purchasing an additional 268,662 shares during the period. FMR LLC lifted its holdings in shares of PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock worth $2,483,253,000 after buying an additional 4,673,022 shares in the last quarter. Norges Bank bought a new position in shares of PDD during the fourth quarter worth $812,246,000. FIL Ltd grew its stake in PDD by 72.4% during the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock valued at $773,847,000 after acquiring an additional 3,350,627 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in PDD by 23.7% in the 4th quarter. Geode Capital Management LLC now owns 5,794,895 shares of the company’s stock valued at $559,482,000 after acquiring an additional 1,108,390 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.6%

PDD stock opened at $105.14 on Friday. The firm has a market capitalization of $146.37 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 1.48 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67. The firm has a 50-day moving average price of $106.43 and a 200-day moving average price of $108.40.

PDD (NASDAQ:PDD) last announced its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.88). The business had revenue of $13.19 billion for the quarter, compared to analysts’ expectations of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $20.72 EPS. As a group, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PDD shares. Nomura Securities cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Jefferies Financial Group set a $121.00 price objective on PDD and gave the stock a “buy” rating in a report on Tuesday, May 27th. China Renaissance reissued a “hold” rating and issued a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. JPMorgan Chase & Co. decreased their price target on shares of PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Finally, Citigroup raised shares of PDD from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and a consensus target price of $144.55.

About PDD

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.