Strs Ohio Reduces Position in PDD Holdings Inc. Sponsored ADR $PDD

Strs Ohio trimmed its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 78.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,018 shares of the company’s stock after selling 32,877 shares during the quarter. Strs Ohio’s holdings in PDD were worth $921,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of PDD during the fourth quarter valued at approximately $1,065,446,000. Assenagon Asset Management S.A. grew its stake in PDD by 305.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock worth $762,991,000 after purchasing an additional 5,070,827 shares in the last quarter. Himalaya Capital Management LLC purchased a new position in PDD during the 2nd quarter worth $482,273,000. Dodge & Cox purchased a new position in PDD during the 4th quarter worth $503,429,000. Finally, Orbis Allan Gray Ltd raised its position in PDD by 135.6% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent research reports. BNP Paribas Exane initiated coverage on PDD in a report on Monday, June 15th. They issued an “underperform” rating and a $89.00 price objective for the company. Sanford C. Bernstein lowered their price target on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a research report on Wednesday, May 27th. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Daiwa Securities Group reissued a “hold” rating and set a $80.00 price objective on shares of PDD in a report on Tuesday, June 23rd. Finally, Morgan Stanley set a $129.00 price objective on shares of PDD in a research note on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $124.64.

PDD Stock Down 1.4%

PDD stock opened at $82.53 on Wednesday. The stock has a 50-day moving average price of $87.96 and a 200 day moving average price of $99.11. The company has a market capitalization of $117.47 billion and a price-to-earnings ratio of 8.91. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41.

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

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.