Allianz SE Has $984,000 Position in PDD Holdings Inc. Sponsored ADR $PDD

Allianz SE cut its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 51.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,446 shares of the company’s stock after selling 7,828 shares during the quarter. Allianz SE’s holdings in PDD were worth $984,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of PDD by 1.1% in the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after buying an additional 348,997 shares during the period. Norges Bank bought a new stake in PDD during the 2nd quarter worth approximately $962,785,000. Sanders Capital LLC increased its position in PDD by 21.5% in the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after acquiring an additional 1,508,445 shares during the period. Geode Capital Management LLC increased its position in 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 acquiring an additional 240,627 shares during the period. Finally, Krane Funds Advisors LLC raised its stake in shares of PDD by 25.5% during the third quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock valued at $792,431,000 after acquiring an additional 1,247,634 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PDD has been the topic of several analyst reports. Arete Research set a $130.00 price objective on shares of PDD in a research note on Tuesday, December 9th. Loop Capital set a $170.00 target price on PDD in a report on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Morgan Stanley set a $148.00 price target on PDD in a research note on Thursday, January 15th. Finally, Sanford C. Bernstein set a $135.00 price objective on PDD in a research note on Tuesday, November 18th. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $139.87.

PDD Stock Performance

PDD stock opened at $103.73 on Friday. The company has a market capitalization of $144.41 billion and a P/E ratio of 10.83. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41. The business has a 50-day simple moving average of $108.35 and a two-hundred day simple moving average of $119.34.

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.