PDD Holdings Inc. Sponsored ADR $PDD Stock Sold by IvyRock Asset Management HK Ltd

IvyRock Asset Management HK Ltd lowered its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 1.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,162,749 shares of the company’s stock after selling 11,800 shares during the period. PDD comprises 47.9% of IvyRock Asset Management HK Ltd’s investment portfolio, making the stock its biggest position. IvyRock Asset Management HK Ltd’s holdings in PDD were worth $90,625,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PDD. Grove Bank & Trust bought a new position in PDD during the second quarter valued at approximately $38,000. Integrated Wealth Concepts LLC bought a new stake in PDD in the second quarter worth approximately $52,000. Ramsey Quantitative Systems bought a new stake in PDD in the second quarter worth approximately $53,000. GK Wealth Management LLC acquired a new position in shares of PDD during the 3rd quarter worth $55,000. Finally, FNY Investment Advisers LLC increased its stake in shares of PDD by 166.7% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,600 shares of the company’s stock worth $122,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Deutsche Bank upgraded shares of PDD from a “hold” rating to a “buy” rating in a report on Thursday, October 29th. Morgan Stanley lowered shares of PDD from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $129.00 to $90.00 in a research note on Monday. Zacks Research upgraded shares of PDD from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Bank of America reissued a “neutral” rating on shares of PDD in a research report on Wednesday, August 26th. Finally, Weiss Ratings downgraded shares of PDD from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, PDD currently has a consensus rating of “Hold” and a consensus target price of $107.31.

PDD Stock Performance

Shares of PDD stock opened at $77.53 on Friday. The stock’s 50 day simple moving average is $79.45 and its 200 day simple moving average is $89.99. PDD Holdings Inc. Sponsored ADR has a twelve month low of $71.94 and a twelve month high of $138.20. The company has a market capitalization of $110.36 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 0.62 and a beta of -0.03.

PDD (NASDAQ:PDD) last posted its earnings results on Friday, August 14th. The company reported $2.84 earnings per share for the quarter. The firm had revenue of $16.54 billion during the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, analysts forecast that PDD Holdings Inc. Sponsored ADR will post 10.03 EPS for the current fiscal year.

About PDD

PDD Holdings Inc. operates e-commerce platforms that connect consumers with merchants and other suppliers. Its businesses include Pinduoduo, a marketplace focused on China, and Temu, an international online marketplace. Pinduoduo uses interactive shopping features, including group buying, and offers products across categories such as groceries, apparel, home goods and electronics. The platform has also emphasized agricultural products, connecting farmers with consumers and other buyers. Temu serves customers in multiple markets outside China and offers a wide range of merchandise from suppliers and brands.