Legal & General Group Plc Sells 378,036 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Legal & General Group Plc reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 8.4% during the 4th quarter, HoldingsChannel reports. The fund owned 4,147,464 shares of the company’s stock after selling 378,036 shares during the quarter. Legal & General Group Plc’s holdings in PDD were worth $470,280,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Advisory Services Network LLC lifted its position in PDD by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock valued at $2,043,000 after acquiring an additional 102 shares in the last quarter. West Family Investments Inc. lifted its position in PDD by 2.8% in the 3rd quarter. West Family Investments Inc. now owns 4,026 shares of the company’s stock valued at $532,000 after acquiring an additional 110 shares in the last quarter. Range Financial Group LLC lifted its position in PDD by 3.8% in the 4th quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock valued at $410,000 after acquiring an additional 131 shares in the last quarter. Savant Capital LLC lifted its position in PDD by 5.2% in the 3rd quarter. Savant Capital LLC now owns 3,079 shares of the company’s stock valued at $407,000 after acquiring an additional 151 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in PDD by 4.3% in the 4th quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock valued at $414,000 after acquiring an additional 151 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

Shares of NASDAQ:PDD opened at $94.52 on Tuesday. The company’s 50-day moving average price is $99.59 and its two-hundred day moving average price is $107.55. PDD Holdings Inc. Sponsored ADR has a one year low of $92.57 and a one year high of $139.41. The stock has a market capitalization of $134.54 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 0.89 and a beta of 0.04.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 price objective on the stock in a research report on Friday, March 27th. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective on the stock in a research report on Friday, April 17th. Finally, Citigroup reissued a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Six equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Hold” and a consensus price target of $137.86.

About PDD

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.