Caprock Group LLC Invests $674,000 in PDD Holdings Inc. Sponsored ADR $PDD

Caprock Group LLC acquired a new stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 5,603 shares of the company’s stock, valued at approximately $674,000.

Several other large investors also recently bought and sold shares of PDD. Vanguard Group Inc. boosted its holdings in shares of PDD by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock valued at $3,352,859,000 after acquiring an additional 2,956,249 shares during the last quarter. Norges Bank bought a new position in PDD during the second quarter valued at approximately $962,785,000. Sanders Capital LLC boosted its holdings in PDD by 21.5% in the second quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock worth $892,395,000 after purchasing an additional 1,508,445 shares during the last quarter. Geode Capital Management LLC grew 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 worth $646,764,000 after purchasing an additional 240,627 shares during the period. Finally, Orbis Allan Gray Ltd raised its stake in PDD by 135.6% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PDD. Bank of America dropped their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Citigroup reissued a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Zacks Research lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Morgan Stanley set a $148.00 price objective on shares of PDD in a report on Thursday, January 15th. Finally, Loop Capital set a $170.00 target price on shares of PDD in a report on Tuesday, January 6th. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, PDD presently has a consensus rating of “Hold” and a consensus target price of $139.87.

PDD Stock Performance

Shares of PDD stock opened at $100.28 on Tuesday. The stock has a fifty day simple moving average of $109.46 and a two-hundred day simple moving average of $119.94. The firm has a market capitalization of $139.60 billion and a PE ratio of 10.47. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41.

About PDD

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.