Resona Asset Management Co. Ltd. Sells 6,326 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Resona Asset Management Co. Ltd. reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.3% in the third quarter, Holdings Channel.com reports. The fund owned 187,947 shares of the company’s stock after selling 6,326 shares during the period. Resona Asset Management Co. Ltd.’s holdings in PDD were worth $24,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. Gunderson Capital Management Inc. lifted its holdings in PDD by 5.5% during the 2nd quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock worth $203,000 after purchasing an additional 101 shares in the last quarter. Lido Advisors LLC grew its holdings in PDD by 4.6% during the 2nd quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock valued at $276,000 after buying an additional 115 shares in the last quarter. Range Financial Group LLC increased its position in shares of PDD by 3.4% during the third quarter. Range Financial Group LLC now owns 3,489 shares of the company’s stock valued at $461,000 after buying an additional 116 shares during the period. Westside Investment Management Inc. lifted its holdings in shares of PDD by 398.0% in the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after buying an additional 199 shares in the last quarter. Finally, Bridgewater Advisors Inc. lifted its holdings in shares of PDD by 10.8% in the second quarter. Bridgewater Advisors Inc. now owns 2,367 shares of the company’s stock worth $273,000 after buying an additional 230 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on PDD. Sanford C. Bernstein set a $135.00 price objective on shares of PDD in a research note on Tuesday, November 18th. Arete Research set a $130.00 price target on shares of PDD in a research report on Tuesday, December 9th. Bank of America lowered their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Citigroup reissued a “buy” rating on shares of PDD in a research note on Tuesday. Finally, Zacks Research lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Five equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $139.87.

PDD Stock Performance

NASDAQ PDD opened at $106.38 on Friday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41. The company has a fifty day moving average of $113.90 and a 200-day moving average of $120.73. The company has a market capitalization of $148.10 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.99 and a beta of 0.02.

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.