Candriam S.C.A. Sells 26,700 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Candriam S.C.A. lessened its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 19.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 113,100 shares of the company’s stock after selling 26,700 shares during the quarter. Candriam S.C.A.’s holdings in PDD were worth $11,557,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PDD. Exchange Traded Concepts LLC boosted its holdings in PDD by 11.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock valued at $27,522,000 after acquiring an additional 25,369 shares during the period. Step Capital Management Pte. Ltd. purchased a new stake in PDD in the fourth quarter worth $8,504,000. LBP AM SA purchased a new stake in PDD in the fourth quarter worth $6,690,000. Geode Capital Management LLC lifted its position in shares of PDD by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock worth $761,720,000 after purchasing an additional 359,921 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of PDD by 1,976.4% during the third quarter. Alliancebernstein L.P. now owns 993,690 shares of the company’s stock worth $131,336,000 after purchasing an additional 945,834 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the subject of a number of recent analyst reports. Daiwa Securities Group reissued a “hold” rating and set a $80.00 target price on shares of PDD in a research note on Tuesday, June 23rd. Benchmark reduced their price target on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research note on Thursday, May 28th. Sanford C. Bernstein decreased 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. Morgan Stanley set a $129.00 price objective on shares of PDD in a research report on Wednesday, May 27th. Finally, Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $124.64.

PDD Price Performance

Shares of NASDAQ PDD opened at $85.13 on Monday. The business has a fifty day simple moving average of $87.21 and a two-hundred day simple moving average of $98.61. The firm has a market cap of $121.17 billion and a PE ratio of 9.19. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $139.41.

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