Step Capital Management Pte. Ltd. Takes Position in PDD Holdings Inc. Sponsored ADR $PDD

Step Capital Management Pte. Ltd. acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 75,000 shares of the company’s stock, valued at approximately $8,504,000. PDD makes up approximately 3.9% of Step Capital Management Pte. Ltd.’s holdings, making the stock its 6th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Binnacle Investments Inc grew its stake in shares of PDD by 281.7% during the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after acquiring an additional 200 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of PDD by 595.0% in the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Wexford Capital LP bought a new stake in shares of PDD in the third quarter worth $44,000. Assetmark Inc. boosted its holdings in PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 305 shares during the last quarter. Finally, Larson Financial Group LLC boosted its holdings in PDD by 720.4% during the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 353 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

NASDAQ PDD opened at $100.87 on Monday. The firm has a market capitalization of $140.43 billion, a P/E ratio of 10.73, a price-to-earnings-growth ratio of 0.95 and a beta of 0.07. The firm’s fifty day moving average price is $102.38 and its two-hundred day moving average price is $115.39. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $139.41.

Wall Street Analyst Weigh In

PDD has been the topic of several recent research reports. Nomura upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 price target on the stock in a research note on Friday, March 27th. Morgan Stanley set a $148.00 price objective on shares of PDD in a research note on Thursday, January 15th. Citigroup restated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Loop Capital set a $170.00 target price on PDD in a report on Tuesday, January 6th. Finally, Arete Research set a $130.00 price target on PDD in a research report on Tuesday, December 9th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, PDD currently has an average rating of “Hold” and a consensus target price of $140.27.

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.