Bamco Inc. NY Raises Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Bamco Inc. NY lifted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 16.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,386 shares of the company’s stock after purchasing an additional 8,643 shares during the period. Bamco Inc. NY’s holdings in PDD were worth $8,246,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Binnacle Investments Inc increased its position in PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after buying an additional 200 shares during the period. Assetmark Inc. lifted its stake in PDD by 314.4% in the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after buying an additional 305 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of PDD by 215.7% in the third quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after acquiring an additional 302 shares during the period. Westside Investment Management Inc. grew its position in shares of PDD by 79.9% during the third quarter. Westside Investment Management Inc. now owns 448 shares of the company’s stock worth $60,000 after acquiring an additional 199 shares during the last quarter. Finally, EMC Capital Management purchased a new position in shares of PDD during the second quarter worth approximately $52,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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, January 6th. Arete Research set a $130.00 price objective on shares of PDD in a research report on Tuesday, December 9th. Morgan Stanley set a $148.00 price objective on shares of PDD in a research note on Thursday, January 15th. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Bank of America decreased their target price 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. Four 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 company has a consensus rating of “Hold” and an average price target of $139.87.

PDD Price Performance

PDD stock opened at $102.65 on Monday. The business has a 50 day simple moving average of $106.05 and a 200-day simple moving average of $118.01. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $139.41. The stock has a market capitalization of $142.90 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 0.90 and a beta of -0.01.

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.