Strs Ohio Lowers Position in PDD Holdings Inc. Sponsored ADR $PDD

Strs Ohio cut its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 78.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,018 shares of the company’s stock after selling 32,877 shares during the period. Strs Ohio’s holdings in PDD were worth $921,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PDD. LB Partners LLC acquired a new position in shares of PDD in the first quarter valued at approximately $2,248,000. USS Investment Management Ltd grew its holdings in PDD by 86.0% during the 1st quarter. USS Investment Management Ltd now owns 697,636 shares of the company’s stock worth $71,295,000 after acquiring an additional 322,560 shares in the last quarter. IFM Investors Pty Ltd increased its holdings in PDD by 0.5% in the first quarter. IFM Investors Pty Ltd now owns 75,408 shares of the company’s stock valued at $7,705,000 after buying an additional 405 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ increased its holdings in shares of PDD by 1.9% in the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 139,939 shares of the company’s stock valued at $14,299,000 after acquiring an additional 2,609 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in PDD during the first quarter worth approximately $6,782,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Down 1.4%

PDD stock opened at $82.53 on Wednesday. The stock has a 50-day moving average price of $87.96 and a 200 day moving average price of $99.11. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41. The stock has a market cap of $117.47 billion and a PE ratio of 8.91.

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

Analyst Ratings Changes

PDD has been the subject of several research reports. Daiwa Securities Group reissued a “hold” rating and issued a $80.00 target price on shares of PDD in a report on Tuesday, June 23rd. Arete Research upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research report on Friday, April 17th. Citigroup cut 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. 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. Finally, BNP Paribas Exane began coverage on shares of PDD in a research report on Monday, June 15th. They set an “underperform” rating and a $89.00 target price for the company. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, PDD 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.