Lazard Asset Management LLC Grows Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Lazard Asset Management LLC grew its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 804,411 shares of the company’s stock after acquiring an additional 19,513 shares during the period. Lazard Asset Management LLC owned about 0.06% of PDD worth $82,195,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares during the period. Binnacle Investments Inc raised its holdings in shares of PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of PDD by 230.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock valued at $43,000 after acquiring an additional 263 shares in the last quarter. Wexford Capital LP purchased a new stake in PDD in the third quarter worth $44,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in PDD in the fourth quarter worth $44,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PDD. Sanford C. Bernstein cut their price target on shares of PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a report on Wednesday, May 27th. Morgan Stanley set a $129.00 target price on shares of PDD in a research report on Wednesday, May 27th. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price on the stock in a research note on Friday, April 17th. Nomura cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Finally, BNP Paribas Exane started coverage on shares of PDD in a research note on Monday, June 15th. They issued an “underperform” rating and a $89.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $124.64.

PDD Stock Up 2.6%

NASDAQ PDD opened at $84.85 on Tuesday. The firm has a market capitalization of $120.78 billion and a PE ratio of 9.16. The stock’s 50 day moving average is $84.22 and its 200 day moving average is $96.24. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $139.41.

PDD (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($1.02). The firm had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. PDD had a return on equity of 24.32% and a net margin of 21.86%.PDD’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.57 EPS. On average, research analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.7 earnings per share for the current 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.