LPL Financial LLC Sells 9,690 Shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

LPL Financial LLC trimmed its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 25.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,501 shares of the company’s stock after selling 9,690 shares during the quarter. LPL Financial LLC’s holdings in PDD were worth $3,373,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new stake in shares of PDD during the 1st quarter valued at approximately $26,000. IFP Advisors Inc grew its holdings in shares of PDD by 245.8% during the 1st quarter. IFP Advisors Inc now owns 408 shares of the company’s stock valued at $48,000 after purchasing an additional 290 shares during the last quarter. Siemens Fonds Invest GmbH bought a new stake in PDD in the 4th quarter worth $192,000. OneDigital Investment Advisors LLC bought a new stake in PDD in the 1st quarter worth $204,000. Finally, Gunderson Capital Management Inc. bought a new stake in PDD in the 1st quarter worth $218,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Up 3.7%

PDD stock opened at $118.95 on Friday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The stock has a market capitalization of $165.60 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.63 and a beta of 0.42. The firm’s fifty day simple moving average is $108.47 and its two-hundred day simple moving average is $110.71.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.88). The company had revenue of $13.19 billion during the quarter, compared to the consensus estimate of $103.37 billion. PDD had a return on equity of 33.76% and a net margin of 24.63%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $20.72 earnings per share. As a group, equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.24 EPS for the current year.

Wall Street Analyst Weigh In

PDD has been the subject of several research analyst reports. Macquarie reaffirmed an “outperform” rating on shares of PDD in a research report on Tuesday, May 27th. China Renaissance reiterated a “hold” rating and issued a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the company a “buy” rating in a research report on Tuesday, May 27th. Barclays lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Sunday, June 1st. Finally, Citigroup upgraded shares of PDD from a “neutral” rating to a “buy” rating and upped their price target for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.55.

PDD Company Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.