Assenagon Asset Management S.A. Raises Stake in PDD Holdings Inc. Sponsored ADR $PDD

Assenagon Asset Management S.A. increased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 305.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,728,909 shares of the company’s stock after purchasing an additional 5,070,827 shares during the quarter. PDD accounts for about 1.1% of Assenagon Asset Management S.A.’s investment portfolio, making the stock its 13th largest holding. Assenagon Asset Management S.A. owned approximately 0.48% of PDD worth $762,991,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Focus Partners Wealth raised 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 valued at $1,176,000 after acquiring an additional 7,744 shares during the period. Intech Investment Management LLC lifted its holdings in shares of PDD by 2.7% during the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after acquiring an additional 395 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in PDD during the 2nd quarter worth $56,000. DNB Asset Management AS boosted its position in PDD by 9.3% during the 2nd quarter. DNB Asset Management AS now owns 55,801 shares of the company’s stock worth $5,840,000 after purchasing an additional 4,761 shares during the period. Finally, MAI Capital Management increased its holdings in PDD by 1,961.2% in the 2nd quarter. MAI Capital Management now owns 1,010 shares of the company’s stock valued at $106,000 after purchasing an additional 961 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

Shares of PDD stock opened at $96.25 on Tuesday. The company’s fifty day moving average price is $103.55 and its two-hundred day moving average price is $117.07. The firm has a market capitalization of $133.99 billion, a P/E ratio of 10.05, a P/E/G ratio of 0.85 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $139.41.

Analyst Upgrades and Downgrades

PDD has been the topic of several research reports. Arete Research set a $130.00 price objective on PDD in a research note on Tuesday, December 9th. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Wall Street Zen downgraded PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Morgan Stanley set a $148.00 price target on PDD in a research report on Thursday, January 15th. Finally, Loop Capital set a $170.00 price target on PDD in a report on Tuesday, January 6th. Four research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $140.57.

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.