Penserra Capital Management LLC Sells 11,495 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Penserra Capital Management LLC cut its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 239,671 shares of the company’s stock after selling 11,495 shares during the period. Penserra Capital Management LLC’s holdings in PDD were worth $28,364,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of PDD by 9,469.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock valued at $4,695,948,000 after purchasing an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. boosted its stake in PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after acquiring an additional 268,662 shares in the last quarter. FMR LLC boosted its stake in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after acquiring an additional 4,673,022 shares in the last quarter. Norges Bank acquired a new stake in PDD in the fourth quarter valued at approximately $812,246,000. Finally, FIL Ltd boosted its stake in PDD by 72.4% in the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock valued at $773,847,000 after acquiring an additional 3,350,627 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Trading Down 0.6%

NASDAQ:PDD opened at $103.35 on Friday. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The firm has a fifty day simple moving average of $106.84 and a 200-day simple moving average of $108.51. The company has a market capitalization of $143.88 billion, a P/E ratio of 11.12, a PEG ratio of 1.45 and a beta of 0.42.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.88). PDD had a return on equity of 33.76% and a net margin of 24.63%. The company had revenue of $13.19 billion for the quarter, compared to analyst estimates of $103.37 billion. During the same quarter in the previous year, the firm posted $20.72 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Analyst Upgrades and Downgrades

PDD has been the subject of several recent analyst reports. Nomura restated a “neutral” rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. China Renaissance restated a “hold” rating and issued a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Macquarie restated an “outperform” rating on shares of PDD in a research note on Tuesday, May 27th. Citigroup upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their target price for the company from $127.00 to $165.00 in a research note on Monday, May 12th. Finally, Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the company a “buy” rating in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.55.

PDD Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.