Bank of New York Mellon Corp Sells 51,556 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Bank of New York Mellon Corp lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,436,518 shares of the company’s stock after selling 51,556 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.10% of PDD worth $146,783,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in PDD by 595.0% in the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Binnacle Investments Inc increased its position in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in PDD by 230.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after buying an additional 263 shares during the period. Wexford Capital LP bought a new stake in PDD in the third quarter valued at approximately $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of PDD in the fourth quarter valued at approximately $44,000. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of NASDAQ:PDD opened at $84.14 on Monday. The company has a market capitalization of $119.76 billion and a P/E ratio of 9.09. PDD Holdings Inc. Sponsored ADR has a 1 year low of $71.94 and a 1 year high of $139.41. The business’s 50 day simple moving average is $85.72 and its 200 day simple moving average is $97.60.

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

Analyst Ratings Changes

PDD has been the topic of several research analyst reports. Citigroup dropped their price objective on shares of PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Barclays lowered shares of 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. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Benchmark reduced 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. Finally, Morgan Stanley set a $129.00 target price on PDD in a research report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.