Legacy Capital Group California Inc. Has $963,000 Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Legacy Capital Group California Inc. increased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 204.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,423 shares of the company’s stock after buying an additional 6,331 shares during the period. Legacy Capital Group California Inc.’s holdings in PDD were worth $963,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in PDD by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock worth $3,720,397,000 after buying an additional 425,908 shares during the last quarter. Norges Bank bought a new stake in shares of PDD in the 4th quarter valued at about $1,065,446,000. Geode Capital Management LLC increased its stake in shares of PDD by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock valued at $761,720,000 after acquiring an additional 359,921 shares during the last quarter. Assenagon Asset Management S.A. raised its position 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 valued at $762,991,000 after acquiring an additional 5,070,827 shares during the period. Finally, Krane Funds Advisors LLC raised its position in shares of PDD by 4.2% in the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock valued at $725,465,000 after acquiring an additional 258,888 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

NASDAQ:PDD opened at $84.56 on Tuesday. The stock has a 50-day simple moving average of $86.90 and a 200 day simple moving average of $98.42. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The company has a market cap of $120.36 billion and a PE ratio of 9.13.

PDD (NASDAQ:PDD) last released its quarterly earnings results 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). 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%.The company’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $1.57 EPS. On average, research analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Citigroup reduced their price target 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. Sanford C. Bernstein decreased their price target on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. The Goldman Sachs Group restated a “buy” rating on shares of PDD in a research report on Thursday, May 28th. 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 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $124.64.

About PDD

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.