PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 45,845 shares of the company’s stock after selling 8,611 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in PDD were worth $5,198,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PDD. Vanguard Group Inc. boosted its holdings in PDD by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock worth $3,720,397,000 after buying an additional 425,908 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of PDD by 305.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after acquiring an additional 5,070,827 shares during the last quarter. First Beijing Investment Ltd lifted its position in shares of PDD by 10.6% in the third quarter. First Beijing Investment Ltd now owns 6,168,721 shares of the company’s stock valued at $815,320,000 after acquiring an additional 590,869 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in shares of PDD by 25.5% in the third quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock worth $792,431,000 after acquiring an additional 1,247,634 shares during the last quarter. Finally, Orbis Allan Gray Ltd boosted its stake in shares of PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock worth $591,091,000 after acquiring an additional 3,250,416 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Down 0.8%

Shares of PDD opened at $101.51 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $95.24 and a 12-month high of $139.41. The firm has a market capitalization of $141.32 billion, a P/E ratio of 10.80, a P/E/G ratio of 0.96 and a beta of 0.04. The firm has a 50-day moving average price of $101.07 and a 200 day moving average price of $110.73.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Morgan Stanley set a $148.00 price objective on PDD in a research note on Thursday, January 15th. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price on the stock in a research note on Friday, April 17th. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price for the company in a report on Friday, March 27th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Finally, Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, PDD has a consensus rating of “Hold” and a consensus target price of $139.67.

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.