Quantitative Investment Management LLC Acquires New Position in PDD Holdings Inc. Sponsored ADR $PDD

Quantitative Investment Management LLC acquired a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 39,402 shares of the company’s stock, valued at approximately $5,207,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Assetmark Inc. raised its stake in shares of PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Global Retirement Partners LLC grew its stake in PDD by 215.7% in the third quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock worth $58,000 after purchasing an additional 302 shares in the last quarter. Westside Investment Management Inc. grew its stake in PDD by 79.9% in the third quarter. Westside Investment Management Inc. now owns 448 shares of the company’s stock worth $60,000 after purchasing an additional 199 shares in the last quarter. EMC Capital Management purchased a new position in PDD during the 2nd quarter worth $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in PDD during the 2nd quarter worth $56,000. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PDD. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Arete Research set a $130.00 price target on PDD in a research note on Tuesday, December 9th. Bank of America decreased their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Loop Capital set a $170.00 price objective on shares of PDD in a research note on Tuesday, January 6th. Finally, Morgan Stanley set a $148.00 target price on shares of PDD in a report on Thursday, January 15th. Four investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $139.87.

PDD Trading Down 1.3%

Shares of NASDAQ PDD opened at $101.62 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The stock’s fifty day simple moving average is $106.31 and its two-hundred day simple moving average is $118.26. The stock has a market capitalization of $141.47 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 0.91 and a beta of -0.01.

About PDD

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.