WT Asset Management Ltd Purchases 751,540 Shares of PDD Holdings Inc. Sponsored ADR $PDD

WT Asset Management Ltd lifted its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15,030.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 756,540 shares of the company’s stock after purchasing an additional 751,540 shares during the quarter. PDD makes up 4.6% of WT Asset Management Ltd’s investment portfolio, making the stock its 10th biggest holding. WT Asset Management Ltd’s holdings in PDD were worth $99,992,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. lifted 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 buying an additional 199 shares during the last quarter. Assetmark Inc. increased its holdings in shares of PDD by 314.4% in the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 305 shares during the period. Global Retirement Partners LLC raised its position in PDD by 215.7% in the 3rd quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after purchasing an additional 302 shares during the last quarter. EMC Capital Management acquired a new position in PDD in the second quarter valued at $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of PDD in the second quarter valued at about $56,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

PDD stock traded up $2.35 during midday trading on Friday, hitting $104.30. 892,588 shares of the stock were exchanged, compared to its average volume of 8,706,571. The stock’s 50-day moving average price is $108.71 and its 200-day moving average price is $119.64. The stock has a market cap of $145.20 billion and a price-to-earnings ratio of 10.78. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41.

Analyst Ratings Changes

Several research firms have commented on PDD. Morgan Stanley set a $148.00 price objective on PDD in a research note on Thursday, January 15th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Arete Research set a $130.00 price objective on shares of PDD in a research report on Tuesday, December 9th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Loop Capital set a $170.00 target price on PDD in a research note on Tuesday, January 6th. Four research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average target price of $139.87.

PDD Company 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.