VIRGINIA RETIREMENT SYSTEMS ET Al Invests $3.94 Million in PDD Holdings Inc. Sponsored ADR $PDD

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 37,600 shares of the company’s stock, valued at approximately $3,935,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Krane Funds Advisors LLC grew its stake in shares of PDD by 78.3% in the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company’s stock worth $596,057,000 after acquiring an additional 2,211,286 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in PDD by 20.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock worth $6,221,000 after buying an additional 10,036 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in PDD by 4,562.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after buying an additional 14,110,042 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its stake in PDD by 54.1% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company’s stock worth $3,103,000 after buying an additional 9,206 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in PDD by 53.4% during the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock worth $773,878,000 after buying an additional 2,573,065 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

Shares of NASDAQ:PDD opened at $131.56 on Tuesday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $136.84. The company’s fifty day moving average is $126.54 and its 200-day moving average is $113.14. The company has a market capitalization of $183.15 billion, a PE ratio of 14.27, a P/E/G ratio of 1.52 and a beta of 0.40.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the stock a “buy” rating in a research note on Monday, August 25th. Benchmark reiterated a “buy” rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Bank of America lifted their price target on shares of PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 26th. Citigroup reiterated a “buy” rating on shares of PDD in a research note on Monday, August 25th. Finally, New Street Research downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research note on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, PDD presently has a consensus rating of “Hold” and a consensus target price of $137.82.

About PDD

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.