Intech Investment Management LLC Raises Stake in PDD Holdings Inc. Sponsored ADR $PDD

Intech Investment Management LLC increased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 20.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 17,975 shares of the company’s stock after buying an additional 3,085 shares during the quarter. Intech Investment Management LLC’s holdings in PDD were worth $1,881,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. increased its holdings in PDD by 398.0% in the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after acquiring an additional 199 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of PDD in the 2nd quarter worth approximately $28,000. IFP Advisors Inc increased its position in PDD by 245.8% during the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock valued at $48,000 after acquiring an additional 290 shares during the last quarter. Activest Wealth Management grew its holdings in PDD by 139.1% during the 2nd quarter. Activest Wealth Management now owns 837 shares of the company’s stock valued at $88,000 after purchasing an additional 487 shares during the last quarter. Finally, Goldstream Capital Management Ltd purchased a new stake in shares of PDD in the first quarter worth approximately $102,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PDD. Wall Street Zen upgraded shares of PDD from a “hold” rating to a “buy” rating in a report on Saturday. Benchmark restated a “buy” rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Sanford C. Bernstein set a $135.00 target price on PDD in a research note on Tuesday. Citigroup restated a “buy” rating on shares of PDD in a research note on Monday, August 25th. Finally, Macquarie set a $165.00 price objective on PDD and gave the stock an “outperform” rating in a research note on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $137.50.

PDD Trading Up 0.3%

Shares of PDD stock opened at $113.24 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The company has a market capitalization of $157.65 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.33 and a beta of 0.47. The business’s 50 day moving average is $131.12 and its two-hundred day moving average is $118.57.

PDD Company 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.