Renaissance Technologies LLC Increases Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Renaissance Technologies LLC grew its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 306.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,112,700 shares of the company’s stock after buying an additional 838,800 shares during the period. Renaissance Technologies LLC’s holdings in PDD were worth $113,696,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PDD. Focus Partners Wealth boosted its stake in PDD by 352.8% during the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after acquiring an additional 7,744 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of PDD by 2.7% during 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 in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of PDD by 62.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,662 shares of the company’s stock valued at $174,000 after purchasing an additional 637 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of PDD by 2.0% during the second quarter. Cerity Partners LLC now owns 19,696 shares of the company’s stock valued at $2,061,000 after purchasing an additional 382 shares during the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of PDD by 0.3% during the second quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after purchasing an additional 369 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PDD. Citigroup cut their price target on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Barclays cut PDD from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Benchmark cut their target price on PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research note on Thursday, May 28th. Finally, BNP Paribas Exane initiated coverage on PDD in a report on Monday, June 15th. They set an “underperform” rating and a $89.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PDD currently has a consensus rating of “Hold” and an average target price of $124.64.

PDD Stock Down 0.8%

Shares of NASDAQ PDD opened at $82.66 on Friday. The firm has a market cap of $117.66 billion and a P/E ratio of 8.93. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $139.41. The company has a 50 day moving average of $84.42 and a 200 day moving average of $96.67.

PDD (NASDAQ:PDD) last issued its earnings results on Wednesday, May 27th. The company reported $1.38 EPS for the quarter, missing the consensus estimate of $2.40 by ($1.02). The business 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 business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.57 earnings per share. As a group, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

About PDD

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.