Mediolanum International Funds Ltd Takes Position in PDD Holdings Inc. Sponsored ADR $PDD

Mediolanum International Funds Ltd bought a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 1st quarter, HoldingsChannel reports. The fund bought 65,218 shares of the company’s stock, valued at approximately $6,419,000.

A number of other hedge funds have also made changes to their positions in the company. Advisory Services Network LLC boosted its holdings in shares of PDD by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock worth $2,043,000 after acquiring an additional 102 shares in the last quarter. Wealthfront Advisers LLC increased its holdings in PDD by 3.6% during the 1st quarter. Wealthfront Advisers LLC now owns 3,609 shares of the company’s stock valued at $369,000 after purchasing an additional 127 shares in the last quarter. Range Financial Group LLC increased its holdings in PDD by 3.8% during the 4th quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock valued at $410,000 after purchasing an additional 131 shares in the last quarter. Focus Partners Wealth raised its position in PDD by 1.0% in the 4th quarter. Focus Partners Wealth now owns 13,886 shares of the company’s stock valued at $1,512,000 after purchasing an additional 142 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in PDD by 4.3% in the 4th quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock valued at $414,000 after purchasing an additional 151 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDD. Citigroup decreased their target price on PDD from $142.00 to $123.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Nomura cut PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Arete Research upgraded 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 reissued a “buy” rating on shares of PDD in a report on Wednesday, May 27th. Finally, Barclays cut shares of PDD from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $165.00 to $89.00 in a research report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating, eight 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 currently has a consensus rating of “Hold” and an average price target of $124.64.

PDD Trading Up 2.3%

Shares of NASDAQ:PDD opened at $86.05 on Tuesday. PDD Holdings Inc. Sponsored ADR has a 1-year low of $71.94 and a 1-year high of $139.41. The stock has a market capitalization of $122.48 billion and a P/E ratio of 9.29. The business has a 50-day moving average price of $85.47 and a two-hundred day moving average price of $97.40.

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