CIBC Asset Management Inc Increases Position in PDD Holdings Inc. Sponsored ADR $PDD

CIBC Asset Management Inc raised its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 6.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 150,924 shares of the company’s stock after acquiring an additional 8,813 shares during the period. CIBC Asset Management Inc’s holdings in PDD were worth $17,113,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BNP Paribas lifted its holdings in PDD by 53.3% in the fourth quarter. BNP Paribas now owns 2,300 shares of the company’s stock valued at $261,000 after acquiring an additional 800 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of PDD by 4.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 128,886 shares of the company’s stock worth $14,614,000 after purchasing an additional 6,033 shares in the last quarter. Crake Asset Management LLP purchased a new position in shares of PDD in the 4th quarter valued at about $5,216,000. Norges Bank purchased a new position in shares of PDD in the 4th quarter valued at about $1,065,446,000. Finally, Eurizon SLJ Capital Ltd acquired a new stake in shares of PDD in the fourth quarter valued at about $583,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Up 0.6%

NASDAQ:PDD opened at $85.88 on Friday. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $81.56 and a fifty-two week high of $139.41. The firm’s 50 day moving average is $97.55 and its two-hundred day moving average is $104.82. The company has a market cap of $122.24 billion, a P/E ratio of 9.27, a P/E/G ratio of 0.80 and a beta of -0.02.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Friday, May 15th. The company reported $0.34 earnings per share for the quarter. The business had revenue of $15.41 million for the quarter. PDD had a return on equity of 24.32% and a net margin of 21.86%. Research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Morgan Stanley set a $129.00 price target on PDD in a research note on Wednesday, May 27th. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Friday, April 17th. The Goldman Sachs Group reiterated a “buy” rating on shares of PDD in a research report on Thursday, May 28th. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Finally, Benchmark dropped their price target on PDD from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, PDD presently has an average rating of “Moderate Buy” and an average target price of $131.33.

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.