Mirae Asset Global Investments Co. Ltd. Purchases New Shares in PDD Holdings Inc. Sponsored ADR $PDD

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 322,536 shares of the company’s stock, valued at approximately $25,138,000.

Other hedge funds have also recently modified their holdings of the company. Grove Bank & Trust acquired a new position in PDD in the 2nd quarter valued at $38,000. Integrated Wealth Concepts LLC purchased a new stake in shares of PDD in the second quarter valued at about $52,000. Ramsey Quantitative Systems purchased a new stake in shares of PDD in the second quarter valued at about $53,000. GK Wealth Management LLC acquired a new position in shares of PDD during the third quarter worth about $55,000. Finally, FNY Investment Advisers LLC increased its stake in shares of PDD by 166.7% during the second quarter. FNY Investment Advisers LLC now owns 1,600 shares of the company’s stock worth $122,000 after acquiring an additional 1,000 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PDD. Bank of America reissued a “neutral” rating on shares of PDD in a report on Wednesday, August 26th. Weiss Ratings raised PDD from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, October 27th. Arete Research lowered PDD from a “buy” rating to a “neutral” rating and set a $93.00 price objective on the stock. in a report on Monday, September 7th. Deutsche Bank Aktiengesellschaft upgraded PDD from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Benchmark dropped their target price on PDD from $127.00 to $114.00 and set a “buy” rating on the stock in a research report on Tuesday, August 25th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $110.31.

PDD Price Performance

Shares of NASDAQ PDD opened at $81.68 on Tuesday. The firm’s 50-day moving average is $80.16 and its two-hundred day moving average is $91.02. The company has a market capitalization of $116.26 billion, a PE ratio of 9.00, a price-to-earnings-growth ratio of 0.61 and a beta of -0.05. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.12.

PDD (NASDAQ:PDD) last released its quarterly earnings results on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The company had revenue of $16.54 billion during the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.02 EPS for the current fiscal year.

About PDD

PDD Holdings Inc is a multinational commerce group that operates online marketplace platforms connecting consumers with merchants, manufacturers and agricultural producers. The company’s platforms use interactive shopping features, including group purchasing and personalized product discovery, to offer a broad range of merchandise at competitive prices.

PDD Holdings’ businesses include Pinduoduo, an e-commerce platform serving consumers in China, and Temu, an online marketplace launched in 2022 that serves consumers across multiple international markets, including North America, Europe and other regions.