Fairtree Asset Management Pty Ltd Reduces Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Fairtree Asset Management Pty Ltd trimmed its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 53.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,439 shares of the company’s stock after selling 16,729 shares during the period. PDD accounts for approximately 1.2% of Fairtree Asset Management Pty Ltd’s portfolio, making the stock its 22nd largest holding. Fairtree Asset Management Pty Ltd’s holdings in PDD were worth $1,908,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. West Family Investments Inc. grew its stake in shares of PDD by 2.8% during the 3rd quarter. West Family Investments Inc. now owns 4,026 shares of the company’s stock worth $532,000 after acquiring an additional 110 shares during the period. Lido Advisors LLC raised its stake in PDD by 4.6% in the 2nd quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock valued at $276,000 after acquiring an additional 115 shares during the period. Range Financial Group LLC lifted its holdings in 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 purchasing an additional 116 shares during the last quarter. Savant Capital LLC boosted its position in PDD by 5.2% during the third quarter. Savant Capital LLC now owns 3,079 shares of the company’s stock worth $407,000 after purchasing an additional 151 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of PDD by 10.2% in the third quarter. EverSource Wealth Advisors LLC now owns 1,832 shares of the company’s stock worth $242,000 after purchasing an additional 170 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent research reports. Morgan Stanley set a $148.00 price target on shares of PDD in a research note on Thursday, January 15th. Sanford C. Bernstein set a $135.00 target price on PDD in a research report on Tuesday, November 18th. Loop Capital set a $170.00 price target on PDD in a report on Tuesday, January 6th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Citigroup restated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $139.87.

PDD Stock Performance

NASDAQ:PDD opened at $103.73 on Monday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41. The stock has a fifty day moving average of $108.35 and a 200 day moving average of $119.36. The firm has a market capitalization of $144.41 billion, a price-to-earnings ratio of 10.83, a P/E/G ratio of 0.95 and a beta of -0.01.

PDD Company 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.