LGT Fund Management Co Ltd. Invests $656,000 in PDD Holdings Inc. Sponsored ADR $PDD

LGT Fund Management Co Ltd. acquired a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the first quarter, HoldingsChannel.com reports. The fund acquired 6,417 shares of the company’s stock, valued at approximately $656,000.

Several other large investors also recently modified their holdings of the company. Binnacle Investments Inc raised 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 last quarter. GAMMA Investing LLC boosted its position 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 last quarter. Wexford Capital LP bought a new stake in PDD during the third quarter valued at $44,000. Smartleaf Asset Management LLC grew its holdings in PDD by 230.7% during the 4th 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in PDD during the 4th quarter worth about $44,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of research analyst reports. Morgan Stanley set a $129.00 target price on PDD in a report on Wednesday, May 27th. The Goldman Sachs Group restated a “buy” rating on shares of PDD in a report on Thursday, May 28th. Daiwa Securities Group reaffirmed a “hold” rating and issued a $80.00 price target on shares of PDD in a research note on Tuesday, June 23rd. Citigroup dropped their price objective on shares of PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Finally, Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $124.64.

PDD Price Performance

NASDAQ:PDD opened at $85.13 on Monday. The firm has a 50-day moving average of $87.21 and a 200-day moving average of $98.61. The company has a market cap of $121.17 billion and a PE ratio of 9.19. PDD Holdings Inc. Sponsored ADR has a one year low of $71.94 and a one year high of $139.41.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing the consensus estimate of $2.40 by ($1.02). The company had revenue of $15.41 billion during the quarter, compared to analysts’ expectations of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the company earned $1.57 earnings per share. On average, equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

PDD Company 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.