Bailard Inc. Trims Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Bailard Inc. cut its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 28.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,000 shares of the company’s stock after selling 2,000 shares during the period. Bailard Inc.’s holdings in PDD were worth $523,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PDD. Geode Capital Management LLC lifted its holdings in shares of PDD by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock valued at $646,764,000 after buying an additional 240,627 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in PDD by 223.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,873,742 shares of the company’s stock valued at $196,106,000 after acquiring an additional 1,294,090 shares during the period. Nan Fung Trinity HK Ltd. acquired a new position in PDD in the second quarter valued at approximately $11,314,000. SBI Securities Co. Ltd. boosted its position in PDD by 12.9% in the 2nd quarter. SBI Securities Co. Ltd. now owns 4,329 shares of the company’s stock worth $453,000 after purchasing an additional 495 shares in the last quarter. Finally, Turn8 Private Wealth Inc. acquired a new stake in shares of PDD during the 2nd quarter worth approximately $2,556,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PDD. Bank of America boosted their target price on shares of PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a research note on Tuesday, August 26th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. New Street Research cut PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Tuesday, August 26th. Macquarie set a $165.00 price target on PDD and gave the company an “outperform” rating in a research note on Monday, August 25th. Finally, Barclays increased their price target on PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 26th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $137.82.

PDD Stock Down 2.6%

PDD opened at $130.95 on Friday. The company has a market cap of $182.30 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 1.59 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The company has a 50-day moving average price of $131.80 and a 200 day moving average price of $118.19.

About PDD

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.