WCM Investment Management LLC Sells 86,100 Shares of PDD Holdings Inc. Sponsored ADR $PDD

WCM Investment Management LLC decreased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 30.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 193,785 shares of the company’s stock after selling 86,100 shares during the period. WCM Investment Management LLC’s holdings in PDD were worth $25,322,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank bought a new stake in PDD during the second quarter worth $962,785,000. Himalaya Capital Management LLC purchased a new stake in PDD in the second quarter worth $482,273,000. NetEase Inc. bought a new position in shares of PDD during the 2nd quarter worth $372,117,000. Orbis Allan Gray Ltd increased its holdings in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock worth $591,091,000 after acquiring an additional 3,250,416 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in PDD by 10.2% during the second quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock valued at $3,352,859,000 after purchasing an additional 2,956,249 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Trading Up 2.4%

Shares of PDD opened at $103.49 on Tuesday. 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 cap of $144.07 billion and a PE ratio of 10.80. The stock has a 50-day moving average price of $112.25 and a 200-day moving average price of $120.79.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PDD shares. Weiss Ratings reissued a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Morgan Stanley set a $148.00 price objective on shares of PDD in a research note on Thursday, January 15th. Loop Capital set a $170.00 target price on shares of PDD in a report on Tuesday, January 6th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Finally, Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research note on Saturday. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, PDD currently has an average rating of “Hold” and an average target price of $139.87.

PDD Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.