Bank of America Corp DE Sells 471,236 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Bank of America Corp DE decreased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,586,508 shares of the company’s stock after selling 471,236 shares during the period. Bank of America Corp DE’s holdings in PDD were worth $264,289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Binnacle Investments Inc lifted its stake in PDD by 281.7% during 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 last quarter. Smartleaf Asset Management LLC lifted its position in shares of 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 last quarter. Wexford Capital LP acquired a new stake in PDD in the third quarter valued at about $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 about $44,000. Finally, Larson Financial Group LLC grew its position 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 last quarter. 39.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PDD shares. Sanford C. Bernstein dropped their target price on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a research note on Friday, April 17th. Zacks Research cut shares of PDD from a “hold” rating to a “strong sell” rating in a research note on Monday, July 27th. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Finally, Barclays downgraded PDD from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $165.00 to $89.00 in a report on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $124.64.

PDD Price Performance

Shares of NASDAQ PDD opened at $90.15 on Tuesday. The company has a 50 day simple moving average of $83.38 and a 200 day simple moving average of $95.16. PDD Holdings Inc. Sponsored ADR has a 1 year low of $71.94 and a 1 year high of $139.41. The firm has a market cap of $128.32 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 0.72 and a beta of 0.01.

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 the consensus estimate of $15.92 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. The company’s revenue was up 11.0% compared to the same quarter last year. As a group, research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

PDD 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.