Rakuten Investment Management Inc. Sells 75,855 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Rakuten Investment Management Inc. cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 54.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,688 shares of the company’s stock after selling 75,855 shares during the quarter. Rakuten Investment Management Inc.’s holdings in PDD were worth $7,156,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. OMERS ADMINISTRATION Corp grew its stake in PDD by 292.9% in the fourth quarter. OMERS ADMINISTRATION Corp now owns 27,805 shares of the company’s stock valued at $3,153,000 after acquiring an additional 20,728 shares during the period. QVT Financial LP grew its stake in PDD by 27.8% in the fourth quarter. QVT Financial LP now owns 6,042 shares of the company’s stock valued at $685,000 after acquiring an additional 1,314 shares during the period. MML Investors Services LLC grew its stake in PDD by 98.9% in the fourth quarter. MML Investors Services LLC now owns 3,882 shares of the company’s stock valued at $440,000 after acquiring an additional 1,930 shares during the period. Mariner LLC grew its stake in PDD by 0.8% in the fourth quarter. Mariner LLC now owns 22,092 shares of the company’s stock valued at $2,506,000 after acquiring an additional 165 shares during the period. Finally, Focus Partners Wealth grew its stake in PDD by 1.0% in the fourth quarter. Focus Partners Wealth now owns 13,886 shares of the company’s stock valued at $1,512,000 after acquiring an additional 142 shares during the period. 39.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on PDD. Sanford C. Bernstein decreased their target price 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. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. BNP Paribas Exane assumed coverage on shares of PDD in a research report on Monday. They set an “underperform” rating and a $89.00 price objective for the company. Jefferies Financial Group restated a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Finally, The Goldman Sachs Group restated a “buy” rating on shares of PDD in a report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $128.08.

PDD Price Performance

PDD stock opened at $81.59 on Wednesday. The stock has a market capitalization of $116.14 billion, a P/E ratio of 8.81, a P/E/G ratio of 0.87 and a beta of -0.02. The business has a 50-day moving average of $94.60 and a 200-day moving average of $102.87. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $78.87 and a fifty-two week high of $139.41.

PDD (NASDAQ:PDD) last released 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). The firm had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. The company’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.57 EPS. Equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.92 EPS for the current 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.