PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) is Matthews International Capital Management LLC’s Largest Position

Matthews International Capital Management LLC lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 5.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 632,426 shares of the company’s stock after selling 35,528 shares during the period. PDD accounts for approximately 15.5% of Matthews International Capital Management LLC’s holdings, making the stock its biggest position. Matthews International Capital Management LLC’s holdings in PDD were worth $74,848,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of PDD. Allspring Global Investments Holdings LLC grew its holdings in PDD by 236.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 53,264 shares of the company’s stock valued at $5,161,000 after buying an additional 37,421 shares in the last quarter. State of New Jersey Common Pension Fund D grew its stake in PDD by 26.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,785 shares of the company’s stock valued at $2,210,000 after acquiring an additional 4,709 shares in the last quarter. CIBC Asset Management Inc grew its stake in PDD by 1.8% during the fourth quarter. CIBC Asset Management Inc now owns 127,820 shares of the company’s stock valued at $12,397,000 after acquiring an additional 2,301 shares in the last quarter. Global Retirement Partners LLC grew its stake in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares in the last quarter. Finally, Alberta Investment Management Corp grew its stake in PDD by 12.6% during the fourth quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock valued at $18,434,000 after acquiring an additional 21,302 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $102.25 on Thursday. The stock has a market cap of $142.35 billion, a price-to-earnings ratio of 11.01, a price-to-earnings-growth ratio of 1.45 and a beta of 0.42. The firm has a 50-day moving average of $104.76 and a two-hundred day moving average of $108.26. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PDD shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $112.00 price objective on shares of PDD in a research report on Wednesday, May 28th. JPMorgan Chase & Co. cut their price target on PDD from $125.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Barclays cut PDD from a “strong-buy” rating to a “hold” rating in a report on Sunday, June 1st. Citigroup raised shares of PDD from a “neutral” rating to a “buy” rating and raised their target price for the company from $127.00 to $165.00 in a report on Monday, May 12th. Finally, Benchmark cut their target price on shares of PDD from $160.00 to $128.00 and set a “buy” rating for the company in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.55.

About PDD

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.