Wellington Management Group LLP Has $7.26 Million Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Wellington Management Group LLP decreased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 80.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,174 shares of the company’s stock after selling 389,344 shares during the period. Wellington Management Group LLP’s holdings in PDD were worth $7,260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Focus Partners Wealth lifted its holdings in PDD by 352.8% during the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after purchasing an additional 7,744 shares during the last quarter. Intech Investment Management LLC raised its position in shares of PDD by 2.7% in the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after purchasing an additional 395 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of PDD by 62.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock worth $174,000 after buying an additional 637 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of PDD by 2.0% during the 2nd quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock worth $2,061,000 after buying an additional 382 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in shares of PDD by 0.3% during the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock worth $14,914,000 after buying an additional 369 shares during the period. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 3.0%

Shares of PDD stock opened at $79.75 on Wednesday. The firm’s 50-day moving average price is $85.91 and its two-hundred day moving average price is $91.96. The company has a market capitalization of $113.52 billion, a price-to-earnings ratio of 8.78, a PEG ratio of 0.62 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.41.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. PDD had a net margin of 20.73% and a return on equity of 22.29%. The business had revenue of $16.54 billion for the quarter. On average, sell-side analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

PDD has been the subject of several research reports. Citigroup cut their price objective on shares of PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $105.00 price objective on shares of PDD in a report on Monday, August 24th. Daiwa Securities Group reissued a “hold” rating and set a $80.00 target price on shares of PDD in a report on Tuesday, June 23rd. Bank of America restated a “neutral” rating on shares of PDD in a research note on Wednesday, August 26th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Five equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $114.83.

About PDD

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company’s businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.