E Fund Management Hong Kong Co. Ltd. Boosts Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 2.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,652 shares of the company’s stock after buying an additional 6,018 shares during the quarter. PDD makes up 23.2% of E Fund Management Hong Kong Co. Ltd.’s portfolio, making the stock its largest position. E Fund Management Hong Kong Co. Ltd.’s holdings in PDD were worth $38,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Gunderson Capital Management Inc. boosted its holdings in shares of PDD by 1,298.1% in the third quarter. Gunderson Capital Management Inc. now owns 27,180 shares of the company’s stock valued at $3,592,000 after purchasing an additional 25,236 shares during the period. Cigna Investments Inc. New grew its position in shares of PDD by 3.6% during the 3rd quarter. Cigna Investments Inc. New now owns 12,683 shares of the company’s stock worth $1,676,000 after buying an additional 442 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of PDD by 30.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,612,868 shares of the company’s stock valued at $213,173,000 after buying an additional 380,141 shares during the period. Asset Management One Co. Ltd. raised its holdings in shares of PDD by 4.0% in the third quarter. Asset Management One Co. Ltd. now owns 124,908 shares of the company’s stock valued at $16,509,000 after acquiring an additional 4,766 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its stake in PDD by 215.7% in the third 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 period. 39.83% of the stock is currently owned by institutional investors.

PDD Trading Up 3.0%

NASDAQ PDD opened at $122.66 on Wednesday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The firm’s fifty day simple moving average is $120.25 and its two-hundred day simple moving average is $120.27. The firm has a market capitalization of $170.76 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.11 and a beta of 0.02.

Wall Street Analyst Weigh In

PDD has been the subject of several research reports. Loop Capital set a $170.00 price target on shares of PDD in a research report on Tuesday. Bank of America reduced their price objective on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research report on Saturday. Arete Research set a $130.00 price target on PDD in a research report on Tuesday, December 9th. Finally, Sanford C. Bernstein set a $135.00 price objective on PDD in a research note on Tuesday, November 18th. Five analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $138.67.

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.