Pictet Asset Management Holding SA Sells 332,345 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Pictet Asset Management Holding SA decreased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 27.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 899,487 shares of the company’s stock after selling 332,345 shares during the quarter. Pictet Asset Management Holding SA’s holdings in PDD were worth $91,910,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after buying an additional 238 shares during the period. Binnacle Investments Inc boosted its stake in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares during the period. Smartleaf Asset Management LLC boosted its stake in PDD by 230.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock worth $43,000 after buying an additional 263 shares during the period. Wexford Capital LP bought a new position in PDD during the third quarter valued at $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in PDD during the fourth quarter valued at $44,000. Institutional investors own 39.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PDD shares. Benchmark lowered their target price 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. Morgan Stanley set a $129.00 price objective on shares of PDD in a research report on Wednesday, May 27th. The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Sanford C. Bernstein dropped their target price on PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research report on Wednesday, May 27th. Finally, Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price on the stock in a research note on Friday, April 17th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $124.64.

PDD Trading Down 0.0%

NASDAQ:PDD opened at $76.54 on Tuesday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $139.41. The company has a market cap of $108.95 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 0.62 and a beta of -0.01. The stock has a fifty day simple moving average of $90.24 and a 200-day simple moving average of $100.34.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). The company had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 earnings per share. As a group, equities research analysts predict that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current fiscal year.

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.