PDD Holdings Inc. Sponsored ADR $PDD Holdings Reduced by Platinum Investment Management Ltd.

Platinum Investment Management Ltd. decreased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 19.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 88,509 shares of the company’s stock after selling 21,746 shares during the period. PDD makes up approximately 0.6% of Platinum Investment Management Ltd.’s holdings, making the stock its 26th biggest position. Platinum Investment Management Ltd.’s holdings in PDD were worth $9,263,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hollencrest Capital Management bought a new position in PDD in the 1st quarter worth approximately $26,000. IFP Advisors Inc grew its stake in shares of PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after purchasing an additional 290 shares in the last quarter. Goldstream Capital Management Ltd bought a new position in shares of PDD in the first quarter worth $102,000. OneDigital Investment Advisors LLC bought a new position in shares of PDD in the first quarter worth $204,000. Finally, First Affirmative Financial Network bought a new position in shares of PDD in the first quarter worth $218,000. 39.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Macquarie set a $165.00 target price on shares of PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. Bank of America increased their price objective on shares of PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price objective on shares of PDD and gave the company a “buy” rating in a report on Monday, August 25th. Zacks Research upgraded shares of PDD from a “hold” rating to a “strong-buy” rating in a report on Friday, August 29th. Finally, Benchmark reaffirmed a “buy” rating and set a $160.00 price target (up from $128.00) on shares of PDD in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, PDD has an average rating of “Moderate Buy” and an average price target of $137.82.

PDD Trading Up 1.7%

NASDAQ:PDD opened at $134.40 on Thursday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The company has a 50-day moving average of $122.32 and a 200-day moving average of $112.56. The firm has a market cap of $187.10 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.56 and a beta of 0.40.

PDD 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.