BIT Capital GmbH Sells 267,160 Shares of PDD Holdings Inc. Sponsored ADR $PDD

BIT Capital GmbH lowered its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 59.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 183,423 shares of the company’s stock after selling 267,160 shares during the period. BIT Capital GmbH’s holdings in PDD were worth $24,243,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PDD. TB Alternative Assets Ltd. raised its position in PDD by 62.5% in the third quarter. TB Alternative Assets Ltd. now owns 345,888 shares of the company’s stock worth $45,716,000 after acquiring an additional 133,000 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of PDD by 17.3% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 368,564 shares of the company’s stock worth $48,694,000 after purchasing an additional 54,418 shares during the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of PDD in the 3rd quarter worth approximately $2,790,000. Nomura Holdings Inc. lifted its stake in PDD by 67.1% in the second quarter. Nomura Holdings Inc. now owns 173,637 shares of the company’s stock valued at $18,173,000 after purchasing an additional 69,728 shares during the last quarter. Finally, Freemont Capital Pte Ltd grew its holdings in PDD by 19.2% during the second quarter. Freemont Capital Pte Ltd now owns 31,000 shares of the company’s stock valued at $3,244,000 after purchasing an additional 5,000 shares during the period. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PDD. Sanford C. Bernstein set a $135.00 price target on PDD in a report on Tuesday, November 18th. Arete Research set a $130.00 price target on PDD in a research report on Tuesday, December 9th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Morgan Stanley set a $148.00 price objective on shares of PDD in a research note on Thursday, January 15th. Finally, Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Four 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 presently has an average rating of “Hold” and a consensus price target of $139.87.

PDD Price Performance

NASDAQ:PDD opened at $101.95 on Friday. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $139.41. The business has a 50 day moving average of $108.71 and a 200 day moving average of $119.64. The company has a market capitalization of $141.93 billion and a price-to-earnings ratio of 10.64.

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.