Allspring Global Investments Holdings LLC Boosts Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Allspring Global Investments Holdings LLC boosted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 23.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 685,841 shares of the company’s stock after buying an additional 129,148 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PDD were worth $69,805,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new position in shares of PDD in the fourth quarter worth approximately $1,065,446,000. Assenagon Asset Management S.A. increased its holdings in PDD by 305.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after acquiring an additional 5,070,827 shares during the last quarter. Himalaya Capital Management LLC purchased a new stake in PDD in the 2nd quarter worth $482,273,000. Dodge & Cox bought a new stake in shares of PDD in the fourth quarter worth about $503,429,000. Finally, Orbis Allan Gray Ltd boosted its stake in PDD by 135.6% during the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Down 2.9%

NASDAQ PDD opened at $84.14 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.41. The firm’s fifty day simple moving average is $85.72 and its two-hundred day simple moving average is $97.72. The firm has a market capitalization of $119.76 billion and a P/E ratio of 9.09.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 earnings per share 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 business had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same period in the previous year, the business earned $1.57 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, sell-side analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

PDD has been the topic of a number of research reports. Sanford C. Bernstein reduced their price objective on PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 27th. Jefferies Financial Group restated a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Barclays downgraded shares of PDD from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. Citigroup lowered their price target on shares of PDD from $142.00 to $123.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Finally, BNP Paribas Exane initiated coverage on PDD in a research note on Monday, June 15th. They set an “underperform” rating and a $89.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.