Freemont Capital Pte Ltd Invests $1.14 Billion in PDD Holdings Inc. Sponsored ADR $PDD

Freemont Capital Pte Ltd bought a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,927 shares of the company’s stock, valued at approximately $1,138,632,000. PDD makes up about 0.0% of Freemont Capital Pte Ltd’s portfolio, making the stock its 4th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Focus Partners Wealth raised its holdings 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 purchasing an additional 7,744 shares in the last quarter. Intech Investment Management LLC boosted its holdings in PDD by 2.7% in the 1st 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 boosted its holdings in PDD by 62.1% in the 2nd 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 raised its stake 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 in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in shares of PDD by 0.3% in the 2nd quarter. CIBC Asset Management Inc now owns 142,498 shares of the company’s stock valued at $14,914,000 after buying an additional 369 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

PDD stock opened at $88.38 on Monday. The firm has a 50 day moving average of $84.51 and a 200-day moving average of $93.56. The company has a market cap of $125.80 billion, a price-to-earnings ratio of 9.54, a PEG ratio of 0.72 and a beta of 0.02. 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 released its quarterly 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 firm had revenue of $15.41 billion during the quarter, compared to analyst estimates of $15.92 billion. During the same quarter in the prior year, the company earned $1.57 EPS. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts forecast that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PDD. Barclays downgraded PDD from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Daiwa Securities Group reiterated a “hold” rating and issued a $80.00 price objective on shares of PDD in a research report on Tuesday, June 23rd. The Goldman Sachs Group reissued a “buy” rating on shares of PDD in a report on Thursday, May 28th. Benchmark decreased their target price on shares of PDD from $160.00 to $127.00 and set a “buy” rating on the stock in a research report on Thursday, May 28th. Finally, Sanford C. Bernstein lowered their price target on shares of PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $124.64.

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.