PDD Holdings Inc. Sponsored ADR $PDD Stock Position Trimmed by Swiss National Bank

Swiss National Bank lessened its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 11.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,372,744 shares of the company’s stock after selling 179,900 shares during the quarter. Swiss National Bank’s holdings in PDD were worth $140,267,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PDD. GAMMA Investing LLC boosted its position in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after acquiring an additional 238 shares during the period. Binnacle Investments Inc grew its stake in shares of PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after purchasing an additional 200 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of PDD by 230.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after purchasing an additional 263 shares during the period. Wexford Capital LP acquired a new stake in PDD in the third quarter worth about $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in PDD in the 4th quarter valued at about $44,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Up 2.3%

Shares of NASDAQ:PDD opened at $86.05 on Tuesday. The company’s fifty day moving average is $85.47 and its two-hundred day moving average is $97.40. The company has a market cap of $122.48 billion and a P/E ratio of 9.29. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.41.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). The company had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $1.57 earnings per share. Equities research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Daiwa Securities Group reiterated a “hold” rating and issued a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Benchmark cut their target price on PDD from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Nomura lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Finally, Morgan Stanley set a $129.00 price target on PDD in a research report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $124.64.

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.