Perseverance Asset Management International Buys 628,857 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Perseverance Asset Management International increased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 47.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,962,092 shares of the company’s stock after acquiring an additional 628,857 shares during the period. PDD makes up 32.6% of Perseverance Asset Management International’s investment portfolio, making the stock its 2nd largest position. Perseverance Asset Management International owned about 0.14% of PDD worth $222,482,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PDD. Focus Partners Wealth boosted its position in shares of PDD by 352.8% in the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after acquiring an additional 7,744 shares during the last quarter. Intech Investment Management LLC grew its position in PDD by 2.7% during the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after acquiring an additional 395 shares during the period. EverSource Wealth Advisors LLC grew its position in PDD by 62.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after acquiring an additional 637 shares during the period. Cerity Partners LLC grew its position in PDD by 2.0% during the second quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after acquiring an additional 382 shares during the period. Finally, CIBC Asset Management Inc grew its position in PDD by 0.3% during the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after acquiring an additional 369 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Trading Down 0.6%

NASDAQ PDD opened at $81.30 on Friday. The company’s fifty day simple moving average is $95.73 and its 200-day simple moving average is $103.55. PDD Holdings Inc. Sponsored ADR has a 52 week low of $78.87 and a 52 week high of $139.41. The stock has a market cap of $115.72 billion, a P/E ratio of 8.78, a PEG ratio of 0.85 and a beta of -0.02.

PDD (NASDAQ:PDD) last released its quarterly 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 business had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same quarter last year, the firm posted $1.57 EPS. The company’s revenue was up 11.0% compared to the same quarter last year. On average, research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.92 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PDD. Citigroup lowered their price target on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Benchmark lowered 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. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Friday, April 17th. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Finally, Morgan Stanley set a $129.00 price objective on shares of PDD in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.33.

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.