Prudential PLC Boosts Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Prudential PLC raised its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 6.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,396,248 shares of the company’s stock after acquiring an additional 90,439 shares during the quarter. PDD makes up 0.8% of Prudential PLC’s investment portfolio, making the stock its 11th largest position. Prudential PLC’s holdings in PDD were worth $165,246,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PDD. Baillie Gifford & Co. lifted its stake in shares of PDD by 5.2% in the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company’s stock worth $4,739,595,000 after buying an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of PDD by 9,469.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock worth $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of PDD by 1.5% in the first quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company’s stock worth $3,441,556,000 after buying an additional 416,867 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of PDD by 4,562.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after buying an additional 14,110,042 shares in the last quarter. Finally, Dragoneer Investment Group LLC lifted its stake in shares of PDD by 48.8% in the fourth quarter. Dragoneer Investment Group LLC now owns 5,572,094 shares of the company’s stock worth $540,437,000 after buying an additional 1,827,853 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

PDD stock opened at $113.04 on Tuesday. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67. The firm has a 50 day moving average price of $107.09 and a 200 day moving average price of $110.56. The company has a market capitalization of $157.37 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42.

PDD (NASDAQ:PDD) last posted its earnings results on Tuesday, May 27th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.88). The company had revenue of $13.19 billion during 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 firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $20.72 EPS. As a group, equities research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PDD shares. Barclays downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Sunday, June 1st. China Renaissance restated a “hold” rating and set a $107.00 price objective on shares of PDD in a research report on Wednesday, May 28th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $112.00 price objective on shares of PDD in a research report on Wednesday, May 28th. Benchmark cut their price objective on shares of PDD from $160.00 to $128.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. Finally, Macquarie restated an “outperform” rating on shares of PDD in a research report on Tuesday, May 27th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently 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.