Hsbc Holdings PLC Sells 34,831,104 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Hsbc Holdings PLC lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 88.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,683,135 shares of the company’s stock after selling 34,831,104 shares during the quarter. Hsbc Holdings PLC’s holdings in PDD were worth $531,078,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC raised its holdings in PDD by 595.0% during the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after acquiring an additional 238 shares during the period. Binnacle Investments Inc boosted its stake in shares of PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after acquiring an additional 200 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of PDD by 230.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock worth $43,000 after acquiring an additional 263 shares during the period. Wexford Capital LP purchased a new stake in shares of PDD during the third quarter worth about $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of PDD during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $79.56 on Friday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $78.51 and a 52 week high of $139.41. The company has a fifty day simple moving average of $93.29 and a two-hundred day simple moving average of $102.20. The firm has a market capitalization of $113.25 billion, a P/E ratio of 8.59, a price-to-earnings-growth ratio of 0.63 and a beta of -0.02.

PDD (NASDAQ:PDD) last posted its 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 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 the consensus estimate of $15.92 billion. During the same quarter last year, the firm earned $1.57 earnings per share. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.92 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Morgan Stanley set a $129.00 price target on PDD in a report on Wednesday, May 27th. Sanford C. Bernstein cut their price objective 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. Benchmark cut their price objective on shares of PDD from $160.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, May 28th. Barclays cut shares of PDD from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $165.00 to $89.00 in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Hold” and a consensus target price of $128.08.

PDD Profile

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.