PDD Holdings Inc. Sponsored ADR $PDD Position Lessened by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 8.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,456 shares of the company’s stock after selling 4,983 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in PDD were worth $7,197,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Westside Investment Management Inc. grew its stake in shares of 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. Ameritas Advisory Services LLC acquired a new stake in PDD in the second quarter valued at approximately $28,000. Global Retirement Partners LLC grew its position 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 in the last quarter. EMC Capital Management acquired a new position in shares of PDD during the 2nd quarter worth $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of PDD during the 2nd quarter valued at $56,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Loop Capital set a $170.00 price objective on shares of PDD in a report on Tuesday, January 6th. Sanford C. Bernstein set a $135.00 price target on PDD in a research note on Tuesday, November 18th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Arete Research set a $130.00 target price on PDD in a report on Tuesday, December 9th. Finally, Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Five equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $138.67.

PDD Stock Performance

PDD stock opened at $120.55 on Monday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41. The firm has a market capitalization of $167.82 billion, a PE ratio of 12.58, a PEG ratio of 1.12 and a beta of 0.02. The business’s 50-day simple moving average is $119.33 and its 200-day simple moving average is $120.60.

PDD 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.