Capital Today Evergreen Fund L.P. Sells 249,073 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Capital Today Evergreen Fund L.P. trimmed its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,385,004 shares of the company’s stock after selling 249,073 shares during the quarter. PDD makes up about 81.8% of Capital Today Evergreen Fund L.P.’s investment portfolio, making the stock its largest holding. Capital Today Evergreen Fund L.P.’s holdings in PDD were worth $141,520,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PDD. Exchange Traded Concepts LLC increased its stake in PDD by 11.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock valued at $27,522,000 after buying an additional 25,369 shares during the period. Step Capital Management Pte. Ltd. acquired a new stake in shares of PDD in the 4th quarter worth approximately $8,504,000. LBP AM SA acquired a new stake in shares of PDD in the 4th quarter worth approximately $6,690,000. Aspex Management HK Ltd acquired a new position in shares of PDD during the third quarter valued at approximately $419,287,000. Finally, Geode Capital Management LLC raised its holdings in PDD by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock worth $761,720,000 after purchasing an additional 359,921 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $85.13 on Friday. The firm has a market capitalization of $121.17 billion and a P/E ratio of 9.19. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The company’s 50 day simple moving average is $87.21 and its 200-day simple moving average is $98.70.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). PDD had a return on equity of 24.32% and a net margin of 21.86%.The firm had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same period in the prior year, the business posted $1.57 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PDD shares. Barclays lowered PDD from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Benchmark cut their price objective on PDD from $160.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, May 28th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Daiwa Securities Group reaffirmed a “hold” rating and set a $80.00 target price on shares of PDD in a report on Tuesday, June 23rd. Finally, Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $124.64.

PDD Company Profile

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.