Fullerton Fund Management Co Ltd. Invests $927,000 in PDD Holdings Inc. Sponsored ADR $PDD

Fullerton Fund Management Co Ltd. acquired a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 8,179 shares of the company’s stock, valued at approximately $927,000.

Other institutional investors have also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its stake in shares of PDD by 11.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock worth $27,522,000 after purchasing an additional 25,369 shares during the last quarter. Step Capital Management Pte. Ltd. purchased a new position in shares of PDD in the fourth quarter worth about $8,504,000. LBP AM SA purchased a new position in shares of PDD in the fourth quarter worth about $6,690,000. Triata Capital Ltd raised its stake in shares of PDD by 55.7% in the third quarter. Triata Capital Ltd now owns 2,544,478 shares of the company’s stock worth $336,304,000 after purchasing an additional 910,150 shares during the last quarter. Finally, Aspex Management HK Ltd purchased a new position in shares of PDD in the third quarter worth about $419,287,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Trading Down 2.3%

Shares of PDD opened at $81.59 on Wednesday. PDD Holdings Inc. Sponsored ADR has a 12 month low of $78.87 and a 12 month high of $139.41. The stock’s 50 day moving average is $94.60 and its two-hundred day moving average is $102.87. The firm has a market cap of $116.14 billion, a P/E ratio of 8.81, a PEG ratio of 0.87 and a beta of -0.02.

PDD (NASDAQ:PDD) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). The firm had revenue of $15.41 billion during 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 business’s revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.57 earnings per share. Equities research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.92 EPS for the current year.

Wall Street Analyst Weigh In

PDD has been the subject of several research analyst reports. The Goldman Sachs Group restated a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Jefferies Financial Group restated a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. Sanford C. Bernstein reduced their price objective on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research note on Wednesday, May 27th. Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Finally, Arete Research upgraded 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. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PDD currently has an average rating of “Hold” and a consensus target price of $128.08.

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.