RWC Asset Advisors US LLC Takes $44.48 Million Position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

RWC Asset Advisors US LLC purchased a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 375,857 shares of the company’s stock, valued at approximately $44,483,000. PDD makes up 8.1% of RWC Asset Advisors US LLC’s holdings, making the stock its 6th biggest position.

A number of other hedge funds have also made changes to their positions in PDD. Baillie Gifford & Co. increased its position in PDD by 5.2% during the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company’s stock worth $4,739,595,000 after purchasing an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in PDD by 9,469.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock worth $4,695,948,000 after purchasing an additional 39,263,851 shares in the last quarter. FMR LLC increased its position in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares in the last quarter. Finally, FIL Ltd increased its position in PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock worth $773,847,000 after purchasing an additional 3,350,627 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Stock Up 0.2%

Shares of PDD opened at $118.45 on Friday. The business’s 50 day moving average is $106.17 and its two-hundred day moving average is $109.62. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67. The firm has a market cap of $164.90 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 1.66 and a beta of 0.42.

PDD (NASDAQ:PDD) last posted its quarterly 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 firm had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. PDD had a net margin of 24.63% and a return on equity of 33.76%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $20.72 earnings per share. On average, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PDD. Macquarie reiterated an “outperform” rating on shares of PDD in a research report on Tuesday, May 27th. Citigroup upgraded 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 report on Monday, May 12th. JPMorgan Chase & Co. decreased their price target on PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Benchmark decreased their price target on PDD from $160.00 to $128.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. Finally, Barclays lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Sunday, June 1st. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and an average 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.