Handelsbanken Fonder AB Sells 49,523 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Handelsbanken Fonder AB lessened its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 262,995 shares of the company’s stock after selling 49,523 shares during the period. Handelsbanken Fonder AB’s holdings in PDD were worth $27,525,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of PDD. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of PDD by 20.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock worth $6,221,000 after acquiring 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 valued at $773,878,000 after acquiring an additional 2,573,065 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its stake 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 purchasing an additional 9,206 shares during the period. Banco BTG Pactual S.A. bought a new position in PDD during the 1st quarter worth about $537,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of PDD by 7.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 997,419 shares of the company’s stock valued at $118,045,000 after purchasing an additional 69,631 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Up 0.3%

Shares of PDD stock opened at $113.24 on Friday. The stock has a market cap of $157.65 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.33 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The business’s 50 day moving average is $131.12 and its 200-day moving average is $118.57.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Bank of America reduced their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday. Macquarie set a $165.00 price target on PDD and gave the stock an “outperform” rating in a research report on Monday, August 25th. Barclays lifted their price objective on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Wall Street Zen raised shares of PDD from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the company a “buy” rating in a research report on Monday, August 25th. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $137.50.

PDD 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.