First Trust Advisors LP Purchases 38,014 Shares of PDD Holdings Inc. Sponsored ADR $PDD

First Trust Advisors LP boosted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.3% in the 1st quarter, HoldingsChannel reports. The firm owned 1,196,946 shares of the company’s stock after buying an additional 38,014 shares during the period. First Trust Advisors LP’s holdings in PDD were worth $122,304,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PDD. Binnacle Investments Inc increased its position in PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after purchasing an additional 200 shares during the period. GAMMA Investing LLC boosted its position in shares of PDD by 595.0% during the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after purchasing an additional 238 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of PDD during the third quarter worth $44,000. Smartleaf Asset Management LLC raised its holdings in shares of PDD by 230.7% during the fourth 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 bought a new stake in PDD in the 4th quarter valued at $44,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent research reports. Morgan Stanley set a $129.00 target price on PDD in a research report on Wednesday, May 27th. Jefferies Financial Group reiterated a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a research note on Friday, April 17th. Finally, Barclays cut PDD from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $165.00 to $89.00 in a research note on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.64.

PDD Stock Performance

PDD stock opened at $83.30 on Friday. The stock has a 50-day simple moving average of $84.68 and a 200 day simple moving average of $96.76. The stock has a market capitalization of $118.57 billion and a P/E ratio of 9.00. 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 posted its earnings results 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). PDD had a return on equity of 24.32% and a net margin of 21.86%.The business had revenue of $15.41 billion for the quarter, compared to analyst estimates of $15.92 billion. During the same period in the previous year, the firm posted $1.57 earnings per share. The firm’s revenue was up 11.0% compared to the same quarter last year. Research analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current 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.