PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Matthews International Capital Management LLC

Matthews International Capital Management LLC trimmed its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 46.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,922 shares of the company’s stock after selling 171,718 shares during the quarter. PDD accounts for about 8.2% of Matthews International Capital Management LLC’s portfolio, making the stock its 3rd largest position. Matthews International Capital Management LLC’s holdings in PDD were worth $20,326,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Focus Partners Wealth grew its stake in shares of PDD by 352.8% during the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after acquiring an additional 7,744 shares during the last quarter. Intech Investment Management LLC boosted its stake in PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock worth $1,762,000 after purchasing an additional 395 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in PDD by 62.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock worth $174,000 after purchasing an additional 637 shares in the last quarter. Cerity Partners LLC grew its position in PDD by 2.0% during the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock worth $2,061,000 after purchasing an additional 382 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in PDD by 0.3% during the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock worth $14,914,000 after purchasing an additional 369 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

NASDAQ:PDD opened at $85.13 on Monday. The company’s fifty day moving average price is $87.21 and its 200-day moving average price is $98.61. PDD Holdings Inc. Sponsored ADR has a 1-year low of $71.94 and a 1-year high of $139.41. The firm has a market capitalization of $121.17 billion and a P/E ratio of 9.19.

PDD (NASDAQ:PDD) last posted its 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 business had revenue of $15.41 billion for the quarter, compared to analyst estimates of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.57 earnings per share. Equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays cut shares of PDD from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. 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 report on Friday, April 17th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of PDD in a research report on Thursday, May 28th. BNP Paribas Exane initiated coverage on PDD in a research note on Monday, June 15th. They set an “underperform” rating and a $89.00 price target on the stock. Finally, Citigroup reduced their price objective on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PDD has a consensus rating of “Hold” and a consensus price target of $124.64.

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.