PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by M&G PLC

M&G PLC lowered its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 336,288 shares of the company’s stock after selling 14,651 shares during the period. M&G PLC’s holdings in PDD were worth $35,310,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PDD. Envestnet Asset Management Inc. grew its holdings in shares of PDD by 62.0% during the first quarter. Envestnet Asset Management Inc. now owns 19,373 shares of the company’s stock worth $2,293,000 after buying an additional 7,412 shares in the last quarter. Cerity Partners LLC grew its stake in PDD by 32.5% in the 1st quarter. Cerity Partners LLC now owns 19,314 shares of the company’s stock worth $2,286,000 after acquiring an additional 4,738 shares during the period. Ballentine Partners LLC raised its holdings in PDD by 12.3% in the 1st quarter. Ballentine Partners LLC now owns 2,712 shares of the company’s stock valued at $321,000 after acquiring an additional 296 shares during the last quarter. Signaturefd LLC grew its position in shares of PDD by 1.3% in the first quarter. Signaturefd LLC now owns 8,957 shares of the company’s stock valued at $1,060,000 after purchasing an additional 119 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in PDD by 87.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,084,979 shares of the company’s stock worth $128,407,000 after buying an additional 506,818 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Down 0.7%

Shares of NASDAQ PDD opened at $137.11 on Wednesday. The business has a 50 day moving average price of $131.23 and a two-hundred day moving average price of $117.75. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41. The firm has a market cap of $190.88 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 1.63 and a beta of 0.47.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PDD. Zacks Research lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. 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. Bank of America lifted their price target on shares of PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a report on Tuesday, August 26th. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Finally, Jefferies Financial Group set a $146.00 target price on PDD and gave the company a “buy” rating in a report on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, PDD presently has a consensus rating of “Hold” and an average 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.