PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by TD Asset Management Inc

TD Asset Management Inc cut its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 11.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 86,650 shares of the company’s stock after selling 11,166 shares during the quarter. TD Asset Management Inc’s holdings in PDD were worth $9,825,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of PDD during the 4th quarter valued at approximately $1,065,446,000. Assenagon Asset Management S.A. grew its holdings in shares of PDD by 305.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock worth $762,991,000 after acquiring an additional 5,070,827 shares during the period. Himalaya Capital Management LLC purchased a new position in PDD in the 2nd quarter valued at approximately $482,273,000. Orbis Allan Gray Ltd increased its stake in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares in the last quarter. Finally, Aspex Management HK Ltd acquired a new position in PDD during the third quarter worth $419,287,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the company. Benchmark decreased their target price on PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. Citigroup cut their price target on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Barclays cut shares of PDD from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Finally, Nomura lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and an average target price of $131.33.

PDD Price Performance

NASDAQ:PDD opened at $81.93 on Wednesday. The firm has a market cap of $116.62 billion, a PE ratio of 8.85, a P/E/G ratio of 0.86 and a beta of -0.02. The firm has a 50 day simple moving average of $96.48 and a 200-day simple moving average of $104.00. PDD Holdings Inc. Sponsored ADR has a 1-year low of $81.56 and a 1-year high of $139.41.

PDD (NASDAQ:PDD) last released its earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing the consensus estimate of $2.40 by ($1.02). PDD had a return on equity of 24.32% and a net margin of 21.86%.The firm had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.92 earnings per share for the current fiscal year.

PDD 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.