California Public Employees Retirement System Grows Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

California Public Employees Retirement System boosted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 5.8% during the 1st quarter, HoldingsChannel.com reports. The fund owned 1,265,353 shares of the company’s stock after purchasing an additional 69,531 shares during the period. California Public Employees Retirement System’s holdings in PDD were worth $129,294,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of PDD in the 4th quarter valued at approximately $1,065,446,000. Assenagon Asset Management S.A. increased its holdings in shares of PDD by 305.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after purchasing an additional 5,070,827 shares during the period. Himalaya Capital Management LLC acquired a new stake in shares of PDD during the second quarter worth $482,273,000. Dodge & Cox acquired a new stake in shares of PDD during the fourth quarter worth $503,429,000. Finally, Orbis Allan Gray Ltd grew its position in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group reissued a “buy” rating on shares of PDD in a research note on Wednesday, May 27th. The Goldman Sachs Group restated a “buy” rating on shares of PDD in a research note on Thursday, May 28th. Nomura downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Daiwa Securities Group reiterated a “hold” rating and set a $80.00 price target on shares of PDD in a research note on Tuesday, June 23rd. Finally, Citigroup cut their price target on shares of PDD from $142.00 to $123.00 and set a “buy” rating for the company in a report on Wednesday, May 27th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, PDD currently has a consensus rating of “Hold” and an average price target of $124.64.

PDD Stock Down 2.9%

Shares of PDD opened at $84.14 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $71.94 and a 52-week high of $139.41. The company has a 50-day simple moving average of $85.72 and a 200-day simple moving average of $97.72. The company has a market capitalization of $119.76 billion and a PE ratio of 9.09.

PDD (NASDAQ:PDD) last released its quarterly earnings data on Wednesday, May 27th. The company reported $1.38 EPS 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 company had revenue of $15.41 billion for the quarter, compared to analysts’ expectations of $15.92 billion. During the same period in the prior year, the firm posted $1.57 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts anticipate 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.