The Manufacturers Life Insurance Company Sells 248,447 Shares of PDD Holdings Inc. Sponsored ADR $PDD

The Manufacturers Life Insurance Company lowered its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 51.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 235,955 shares of the company’s stock after selling 248,447 shares during the period. The Manufacturers Life Insurance Company’s holdings in PDD were worth $24,110,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PDD. Binnacle Investments Inc grew its stake in shares of PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after buying an additional 200 shares during the period. Smartleaf Asset Management LLC raised its stake in PDD by 230.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock worth $43,000 after buying an additional 263 shares during the period. Wexford Capital LP bought a new position in PDD in the third quarter worth approximately $44,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in PDD in the fourth quarter valued at approximately $44,000. Finally, Larson Financial Group LLC grew its stake in PDD by 720.4% in the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 353 shares during the period. Institutional investors own 39.83% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Nomura downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Zacks Research cut PDD from a “hold” rating to a “strong sell” rating in a report on Monday, July 27th. The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a research report on Thursday, May 28th. Sanford C. Bernstein decreased 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 note on Wednesday, May 27th. Finally, BNP Paribas Exane started coverage on shares of PDD in a report on Monday, June 15th. They set an “underperform” rating and a $89.00 price objective on the stock. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, PDD has an average rating of “Hold” and a consensus target price of $124.64.

PDD Stock Performance

Shares of PDD opened at $88.56 on Friday. The firm has a market capitalization of $126.06 billion and a P/E ratio of 9.56. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41. The stock has a 50 day moving average price of $83.46 and a two-hundred day moving average price of $95.48.

PDD (NASDAQ:PDD) last announced its earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.57 EPS. On average, equities 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.