Russell Investments Group Ltd. Has $69.72 Million Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Russell Investments Group Ltd. boosted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 665,745 shares of the company’s stock after buying an additional 43,916 shares during the quarter. Russell Investments Group Ltd.’s holdings in PDD were worth $69,723,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of PDD by 899.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after acquiring an additional 8,086,620 shares during the period. Hhlr Advisors LTD. lifted its holdings in PDD by 140.4% during the 1st quarter. Hhlr Advisors LTD. now owns 6,562,576 shares of the company’s stock valued at $776,681,000 after purchasing an additional 3,832,301 shares during the last quarter. Vanguard Group Inc. boosted its position in PDD by 10.2% during the second quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock worth $3,352,859,000 after purchasing an additional 2,956,249 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of PDD by 53.4% in the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock valued at $773,878,000 after purchasing an additional 2,573,065 shares during the last quarter. Finally, Orbis Allan Gray Ltd raised its position in shares of PDD by 2,354.9% in the first quarter. Orbis Allan Gray Ltd now owns 2,397,312 shares of the company’s stock valued at $283,722,000 after purchasing an additional 2,299,659 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on PDD shares. Barclays lifted their target price on shares of PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Wall Street Zen upgraded PDD from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a “buy” rating in a research report on Monday, August 25th. Citigroup reissued a “buy” rating on shares of PDD in a research report on Monday, August 25th. Finally, Benchmark restated a “buy” rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $137.50.

PDD Stock Performance

NASDAQ:PDD opened at $115.80 on Friday. The company has a market cap of $161.21 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.37 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41. The stock has a fifty day moving average price of $129.81 and a 200-day moving average price of $118.70.

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.