Alliancebernstein L.P. Buys 945,834 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Alliancebernstein L.P. boosted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 1,976.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 993,690 shares of the company’s stock after buying an additional 945,834 shares during the quarter. Alliancebernstein L.P. owned approximately 0.07% of PDD worth $131,336,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Focus Partners Wealth grew its stake in shares of PDD by 352.8% in the 1st quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after acquiring an additional 7,744 shares in the last quarter. Intech Investment Management LLC raised its holdings in shares of PDD by 2.7% in the first quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after purchasing an additional 395 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in PDD by 6.1% during the second quarter. Envestnet Asset Management Inc. now owns 20,559 shares of the company’s stock worth $2,152,000 after purchasing an additional 1,186 shares during the last quarter. Savant Capital LLC grew its position in PDD by 65.1% in the 2nd quarter. Savant Capital LLC now owns 2,928 shares of the company’s stock worth $306,000 after purchasing an additional 1,155 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in PDD by 27.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,381,299 shares of the company’s stock valued at $144,567,000 after buying an additional 296,320 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on PDD. Arete Research set a $130.00 target price on shares of PDD in a research report on Tuesday, December 9th. Bank of America reduced their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Loop Capital set a $170.00 target price on PDD in a research report on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Finally, Sanford C. Bernstein set a $135.00 price target on shares of PDD in a research report on Tuesday, November 18th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $139.87.

PDD Trading Up 1.2%

PDD stock opened at $103.84 on Tuesday. The business’s 50 day simple moving average is $105.74 and its 200 day simple moving average is $117.88. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $139.41. The company has a market cap of $144.56 billion, a price-to-earnings ratio of 10.84, a PEG 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.