Mercer Global Advisors Inc. ADV trimmed its position in PDD Holdings Inc. (NASDAQ:PDD – Get Rating) by 25.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,520 shares of the company’s stock after selling 2,597 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in PDD were worth $613,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in PDD. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of PDD by 136.0% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 257,145 shares of the company’s stock worth $10,857,000 after purchasing an additional 148,166 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in PDD by 100.2% during the first quarter. Advisor Group Holdings Inc. now owns 3,741 shares of the company’s stock worth $152,000 after acquiring an additional 1,872 shares during the last quarter. Raymond James & Associates increased its stake in PDD by 16.1% during the first quarter. Raymond James & Associates now owns 16,641 shares of the company’s stock worth $667,000 after acquiring an additional 2,304 shares during the last quarter. American Century Companies Inc. increased its stake in PDD by 30.7% during the first quarter. American Century Companies Inc. now owns 28,785 shares of the company’s stock worth $1,155,000 after acquiring an additional 6,766 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its stake in PDD by 16.5% during the first quarter. Panagora Asset Management Inc. now owns 40,548 shares of the company’s stock worth $1,626,000 after acquiring an additional 5,744 shares during the last quarter. 24.24% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on PDD. HSBC reduced their price objective on PDD from $118.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, March 21st. The Goldman Sachs Group lowered PDD from a “buy” rating to a “neutral” rating and dropped their target price for the company from $116.00 to $93.00 in a research report on Monday, April 24th. Bank of America dropped their target price on PDD from $108.00 to $95.00 in a research report on Tuesday, March 21st. UBS Group lowered their price target on PDD from $110.00 to $100.00 and set a “buy” rating for the company in a report on Tuesday, March 21st. Finally, Barclays boosted their price target on PDD from $84.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, March 29th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $104.89.
PDD Stock Performance
PDD (NASDAQ:PDD – Get Rating) last issued its quarterly earnings results on Monday, March 20th. The company reported $8.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $7.34. The business had revenue of $39.82 billion for the quarter, compared to the consensus estimate of $40.74 billion. PDD had a return on equity of 32.10% and a net margin of 23.93%. The business’s quarterly revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 earnings per share. Equities research analysts predict that PDD Holdings Inc. will post 3.33 earnings per share for the current fiscal year.
PDD Holdings, Inc is a multinational commerce group that owns and operates a portfolio of businesses. The company aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities. It has built a network of sourcing, logistics, and fulfillment capabilities, that support its underlying businesses.
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