The Manufacturers Life Insurance Company Sells 248,447 Shares of PDD Holdings Inc. Sponsored ADR $PDD

The Manufacturers Life Insurance Company trimmed its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 51.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 235,955 shares of the company’s stock after selling 248,447 shares during the period. The Manufacturers Life Insurance Company’s holdings in PDD were worth $24,110,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Binnacle Investments Inc grew its position in shares of PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after buying an additional 200 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of PDD by 230.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 377 shares of the company’s stock worth $43,000 after acquiring an additional 263 shares during the period. Wexford Capital LP acquired a new position in shares of PDD in the third quarter worth approximately $44,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of PDD in the fourth quarter worth approximately $44,000. Finally, Larson Financial Group LLC boosted its holdings in PDD by 720.4% in the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 353 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price for the company in a research report on Friday, April 17th. 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. Barclays lowered shares of PDD from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Morgan Stanley set a $129.00 price objective on shares of PDD in a research report on Wednesday, May 27th. Finally, Benchmark lowered their target price on shares of PDD from $160.00 to $127.00 and set a “buy” rating for the company in a research note on Thursday, May 28th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $124.64.

PDD Price Performance

Shares of PDD stock opened at $88.56 on Friday. PDD Holdings Inc. Sponsored ADR has a one year low of $71.94 and a one year high of $139.41. The stock’s 50-day moving average is $83.46 and its 200 day moving average is $95.48. The firm has a market cap of $126.06 billion and a price-to-earnings ratio of 9.56.

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

PDD Profile

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.