PDD Holdings Inc. Sponsored ADR $PDD Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 9.0% in the 3rd quarter, Holdings Channel reports. The firm owned 1,264,827 shares of the company’s stock after selling 124,924 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $98,581,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Grove Bank & Trust purchased a new stake in PDD in the second quarter valued at approximately $38,000. Integrated Wealth Concepts LLC purchased a new position in shares of PDD during the second quarter worth $52,000. Ramsey Quantitative Systems purchased a new position in shares of PDD during the second quarter worth $53,000. GK Wealth Management LLC purchased a new position in shares of PDD during the third quarter worth $55,000. Finally, FNY Investment Advisers LLC grew its stake in shares of PDD by 166.7% in the second quarter. FNY Investment Advisers LLC now owns 1,600 shares of the company’s stock valued at $122,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

Shares of PDD stock opened at $81.68 on Tuesday. PDD Holdings Inc. Sponsored ADR has a one year low of $71.94 and a one year high of $139.12. The company has a market cap of $116.26 billion, a PE ratio of 9.00, a P/E/G ratio of 0.61 and a beta of -0.05. The business has a 50-day simple moving average of $80.16 and a 200-day simple moving average of $91.02.

PDD (NASDAQ:PDD) last released its earnings results on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The firm had revenue of $16.54 billion for the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. On average, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on PDD from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Thursday, September 10th. Benchmark decreased their target price on PDD from $127.00 to $114.00 and set a “buy” rating on the stock in a research note on Tuesday, August 25th. Weiss Ratings upgraded PDD from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, October 27th. Bank of America restated a “neutral” rating on shares of PDD in a report on Wednesday, August 26th. Finally, Deutsche Bank Aktiengesellschaft raised PDD from a “hold” rating to a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $110.31.

PDD Profile

PDD Holdings Inc is a multinational commerce group that operates online marketplace platforms connecting consumers with merchants, manufacturers and agricultural producers. The company’s platforms use interactive shopping features, including group purchasing and personalized product discovery, to offer a broad range of merchandise at competitive prices.

PDD Holdings’ businesses include Pinduoduo, an e-commerce platform serving consumers in China, and Temu, an online marketplace launched in 2022 that serves consumers across multiple international markets, including North America, Europe and other regions.