Rakuten Investment Management Inc. Sells 75,855 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Rakuten Investment Management Inc. decreased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 54.8% in the 4th quarter, Holdings Channel.com reports. The fund owned 62,688 shares of the company’s stock after selling 75,855 shares during the quarter. Rakuten Investment Management Inc.’s holdings in PDD were worth $7,156,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of PDD by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock valued at $3,720,397,000 after acquiring an additional 425,908 shares in the last quarter. Norges Bank bought a new position in shares of PDD in the 4th quarter valued at about $1,065,446,000. Geode Capital Management LLC grew its holdings in shares of PDD by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock valued at $761,720,000 after acquiring an additional 359,921 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of PDD by 305.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after acquiring an additional 5,070,827 shares in the last quarter. Finally, Krane Funds Advisors LLC grew its holdings in shares of PDD by 4.2% in the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock valued at $725,465,000 after acquiring an additional 258,888 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 2.3%

PDD stock opened at $81.59 on Wednesday. The stock has a market cap of $116.14 billion, a P/E ratio of 8.81, a P/E/G ratio of 0.87 and a beta of -0.02. PDD Holdings Inc. Sponsored ADR has a twelve month low of $78.87 and a twelve month high of $139.41. The company’s 50-day moving average price is $94.60 and its two-hundred day moving average price is $102.87.

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 the consensus estimate of $2.40 by ($1.02). The company had revenue of $15.41 billion during the quarter, compared to the consensus estimate of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.57 earnings per share. Equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 9.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on PDD shares. BNP Paribas Exane started coverage on shares of PDD in a research report on Monday. They set an “underperform” rating and a $89.00 price target on the stock. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Friday, April 17th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Sanford C. Bernstein dropped 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 report on Wednesday, May 27th. Finally, Nomura lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $128.08.

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.