Assenagon Asset Management S.A. Decreases Stake in PDD Holdings Inc. Sponsored ADR $PDD

Assenagon Asset Management S.A. cut its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 77.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,658,082 shares of the company’s stock after selling 5,736,129 shares during the quarter. Assenagon Asset Management S.A. owned about 0.12% of PDD worth $219,149,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Focus Financial Network Inc. lifted its stake in PDD by 4.3% in the 2nd quarter. Focus Financial Network Inc. now owns 2,376 shares of the company’s stock worth $249,000 after purchasing an additional 97 shares in the last quarter. Gunderson Capital Management Inc. lifted its position in PDD by 5.5% during the second quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock worth $203,000 after buying an additional 101 shares in the last quarter. Lido Advisors LLC lifted its position in PDD by 4.6% during the second quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock worth $276,000 after buying an additional 115 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in PDD by 2.8% during the first quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company’s stock worth $625,000 after buying an additional 146 shares during the last quarter. Finally, Westside Investment Management Inc. grew its holdings in PDD by 398.0% in the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after buying an additional 199 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the topic of several analyst reports. Bank of America reduced their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. Citigroup restated a “buy” rating on shares of PDD in a research report on Monday, August 25th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Barclays increased their price target on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. Finally, Macquarie set a $165.00 price target on shares of PDD and gave the stock an “outperform” rating in a report on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average target price of $136.43.

PDD Stock Performance

PDD stock opened at $109.02 on Wednesday. The company’s 50 day simple moving average is $125.52 and its 200-day simple moving average is $118.98. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $139.41. The company has a market capitalization of $151.77 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 1.24 and a beta of 0.07.

PDD Profile

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.