Fisher Asset Management LLC Sells 72,670 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Fisher Asset Management LLC decreased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 11.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 564,144 shares of the company’s stock after selling 72,670 shares during the period. Fisher Asset Management LLC’s holdings in PDD were worth $59,043,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PDD. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of PDD by 20.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock worth $6,221,000 after purchasing an additional 10,036 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in PDD by 53.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock worth $773,878,000 after buying an additional 2,573,065 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in PDD by 54.1% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company’s stock worth $3,103,000 after buying an additional 9,206 shares during the last quarter. Banco BTG Pactual S.A. purchased a new stake in PDD in the first quarter worth approximately $537,000. Finally, Taikang Asset Management Hong Kong Co Ltd grew its position in PDD by 69.7% during the first quarter. Taikang Asset Management Hong Kong Co Ltd now owns 271,977 shares of the company’s stock valued at $32,188,000 after acquiring an additional 111,731 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PDD. Sanford C. Bernstein set a $135.00 price objective on shares of PDD in a report on Tuesday, November 18th. Wall Street Zen raised shares of PDD from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the company a “buy” rating in a research report on Monday, August 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Finally, Citigroup restated a “buy” rating on shares of PDD in a report on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, PDD presently has an average rating of “Hold” and a consensus target price of $137.50.

PDD Trading Up 1.9%

PDD stock opened at $118.27 on Tuesday. The stock has a market capitalization of $164.65 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.37 and a beta of 0.08. The firm’s 50-day moving average price is $129.34 and its two-hundred day moving average price is $118.70. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41.

PDD Company Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.