Perseverance Asset Management International Grows Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Perseverance Asset Management International boosted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 10.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,161,676 shares of the company’s stock after purchasing an additional 199,584 shares during the period. PDD makes up approximately 24.3% of Perseverance Asset Management International’s holdings, making the stock its biggest position. Perseverance Asset Management International owned about 0.15% of PDD worth $220,880,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC lifted its stake in PDD by 11.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock valued at $27,522,000 after acquiring an additional 25,369 shares during the period. Step Capital Management Pte. Ltd. acquired a new position in PDD during the fourth quarter valued at $8,504,000. LBP AM SA purchased a new stake in PDD in the fourth quarter valued at $6,690,000. Geode Capital Management LLC grew its position in PDD by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock worth $761,720,000 after purchasing an additional 359,921 shares during the period. Finally, Dymon Asia Capital Singapore PTE. LTD. grew its holdings in PDD by 125.4% during the fourth quarter. Dymon Asia Capital Singapore PTE. LTD. now owns 64,917 shares of the company’s stock worth $7,361,000 after acquiring an additional 36,122 shares during the period. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.3%

PDD stock opened at $83.30 on Friday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41. The firm has a 50-day simple moving average of $84.68 and a 200-day simple moving average of $96.76. The stock has a market capitalization of $118.57 billion and a P/E ratio of 9.00.

PDD (NASDAQ:PDD) last issued 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). PDD had a net margin of 21.86% and a return on equity of 24.32%. The company had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

PDD has been the subject of a number of analyst reports. Barclays downgraded shares of PDD from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $165.00 to $89.00 in a research report on Thursday, May 28th. Citigroup reduced their price target on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Morgan Stanley set a $129.00 price target on PDD in a research report on Wednesday, May 27th. Daiwa Securities Group reissued a “hold” rating and issued a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Finally, Nomura cut 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, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, PDD currently has a consensus rating of “Hold” and an average target price 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.