PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by US Bancorp DE

US Bancorp DE decreased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 16.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,574 shares of the company’s stock after selling 1,643 shares during the period. US Bancorp DE’s holdings in PDD were worth $897,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Shell Asset Management Co. increased its holdings in PDD by 2.6% during the 2nd quarter. Shell Asset Management Co. now owns 34,589 shares of the company’s stock worth $3,620,000 after purchasing an additional 869 shares during the period. KLP Kapitalforvaltning AS grew its stake in PDD by 4.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 164,300 shares of the company’s stock worth $17,196,000 after buying an additional 7,100 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in PDD during the 2nd quarter worth approximately $136,000. Checchi Capital Advisers LLC lifted its position in PDD by 7.3% during the 2nd quarter. Checchi Capital Advisers LLC now owns 4,131 shares of the company’s stock worth $432,000 after acquiring an additional 280 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in PDD during the 2nd quarter worth approximately $28,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Jefferies Financial Group set a $146.00 price target on PDD and gave the company a “buy” rating in a report on Monday, August 25th. Zacks Research raised PDD from a “hold” rating to a “strong-buy” rating in a report on Friday, August 29th. Barclays lifted their price objective on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. Benchmark reaffirmed a “buy” rating and issued a $160.00 price objective (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Finally, Macquarie set a $165.00 price target on PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $137.82.

PDD Stock Up 0.9%

Shares of NASDAQ PDD opened at $128.48 on Friday. The stock has a market capitalization of $178.86 billion, a P/E ratio of 13.93, a PEG ratio of 1.51 and a beta of 0.40. The stock’s 50 day moving average price is $126.17 and its two-hundred day moving average price is $113.00. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $136.84.

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.