Persistent Asset Partners Ltd Acquires New Shares in PDD Holdings Inc. Sponsored ADR $PDD

Persistent Asset Partners Ltd bought a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 21,855 shares of the company’s stock, valued at approximately $2,889,000. PDD accounts for approximately 2.0% of Persistent Asset Partners Ltd’s investment portfolio, making the stock its 7th biggest position.

A number of other large investors have also recently modified their holdings of the business. Westside Investment Management Inc. increased its stake in PDD by 398.0% in the second 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. EMC Capital Management bought a new stake in PDD during the 2nd quarter valued at $52,000. Assetmark Inc. boosted its position in PDD by 314.4% during the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after buying an additional 305 shares during the period. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in PDD during the 2nd quarter valued at $56,000. Finally, Global Retirement Partners LLC grew its holdings in PDD by 215.7% in the 3rd quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock worth $58,000 after acquiring an additional 302 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 0.9%

PDD stock opened at $101.95 on Friday. The business has a fifty day moving average of $108.71 and a two-hundred day moving average of $119.64. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The firm has a market cap of $141.93 billion and a P/E ratio of 10.64.

Analyst Ratings Changes

A number of research firms have issued reports on PDD. Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Morgan Stanley set a $148.00 target price on PDD in a research note on Thursday, January 15th. Bank of America cut their target price on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday, November 19th. Arete Research set a $130.00 price objective on shares of PDD in a report on Tuesday, December 9th. Finally, Wall Street Zen downgraded PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, PDD presently has an average rating of “Hold” and a consensus 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.