PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Alberta Investment Management Corp

Alberta Investment Management Corp lessened its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 76.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,300 shares of the company’s stock after selling 57,700 shares during the quarter. Alberta Investment Management Corp’s holdings in PDD were worth $2,287,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new stake in PDD during the second quarter worth about $962,785,000. Himalaya Capital Management LLC acquired a new stake in PDD in the 2nd quarter valued at approximately $482,273,000. NetEase Inc. purchased a new stake in PDD in the second quarter valued at approximately $372,117,000. Orbis Allan Gray Ltd raised its position in PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares during the period. Finally, Vanguard Group Inc. lifted its stake in PDD by 10.2% during the second quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock worth $3,352,859,000 after purchasing an additional 2,956,249 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PDD has been the subject of a number of research reports. Morgan Stanley set a $148.00 price objective on PDD in a research note on Thursday, January 15th. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Loop Capital set a $170.00 price target on shares of PDD in a research report on Tuesday, January 6th. Bank of America lowered 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. Finally, Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $139.87.

PDD Price Performance

PDD stock opened at $101.95 on Friday. The firm has a 50 day simple moving average of $108.71 and a 200-day simple moving average of $119.64. The stock has a market capitalization of $141.93 billion and a PE ratio of 10.64. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41.

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.