First Beijing Investment Ltd Purchases 590,869 Shares of PDD Holdings Inc. Sponsored ADR $PDD

First Beijing Investment Ltd increased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 10.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,168,721 shares of the company’s stock after purchasing an additional 590,869 shares during the period. PDD makes up approximately 31.5% of First Beijing Investment Ltd’s portfolio, making the stock its 2nd largest position. First Beijing Investment Ltd’s holdings in PDD were worth $815,320,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in PDD by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock worth $4,280,289,000 after purchasing an additional 348,997 shares during the period. Norges Bank purchased a new position in shares of PDD during the 2nd quarter worth approximately $962,785,000. Sanders Capital LLC lifted its holdings in shares of PDD by 21.5% in the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after buying an additional 1,508,445 shares during the period. Geode Capital Management LLC boosted its stake in shares of PDD by 4.0% in the second quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock valued at $646,764,000 after buying an additional 240,627 shares in the last quarter. Finally, 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 valued at $792,431,000 after buying an additional 1,247,634 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

PDD opened at $102.65 on Friday. The company has a market cap of $142.90 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.90 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41. The business’s fifty day moving average is $106.05 and its two-hundred day moving average is $118.08.

Analyst Ratings Changes

Several research firms have issued reports on PDD. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Loop Capital set a $170.00 price target on shares of PDD in a research note on Tuesday, January 6th. Morgan Stanley set a $148.00 price target on shares of PDD in a report on Thursday, January 15th. Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Bank of America reduced their price objective on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, PDD presently has a consensus rating of “Hold” and an average target price of $139.87.

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.