Summit Investment Advisors Inc. Raises Position in PDD Holdings Inc. Sponsored ADR $PDD

Summit Investment Advisors Inc. boosted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 2.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,850 shares of the company’s stock after buying an additional 599 shares during the period. Summit Investment Advisors Inc.’s holdings in PDD were worth $2,586,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Focus Financial Network Inc. raised its stake in PDD by 4.3% in the 2nd quarter. Focus Financial Network Inc. now owns 2,376 shares of the company’s stock valued at $249,000 after purchasing an additional 97 shares during the last quarter. Gunderson Capital Management Inc. raised its position in shares of PDD by 5.5% in the second quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock valued at $203,000 after buying an additional 101 shares during the last quarter. Signaturefd LLC lifted its stake in shares of PDD by 1.3% in the first quarter. Signaturefd LLC now owns 8,957 shares of the company’s stock worth $1,060,000 after buying an additional 119 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of PDD by 2.8% in the first quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company’s stock worth $625,000 after buying an additional 146 shares in the last quarter. Finally, Lindbrook Capital LLC grew its stake in PDD by 11.5% during the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company’s stock valued at $228,000 after acquiring an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Barclays upped their target price on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price target on PDD and gave the stock a “buy” rating in a report on Monday, August 25th. Bank of America upped their price objective on shares of PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a report on Tuesday, August 26th. Finally, Citigroup reaffirmed a “buy” rating on shares of PDD in a research note on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $137.82.

PDD Stock Performance

PDD stock opened at $135.78 on Friday. The company’s 50 day simple moving average is $130.56 and its 200-day simple moving average is $117.15. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $139.41. The company has a market capitalization of $189.03 billion, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 1.60 and a beta of 0.47.

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.