Mitsubishi UFJ Trust & Banking Corp Increases Position in PDD Holdings Inc. Sponsored ADR $PDD

Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 223.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,873,742 shares of the company’s stock after acquiring an additional 1,294,090 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.13% of PDD worth $196,106,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of PDD by 899.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock valued at $1,063,489,000 after purchasing an additional 8,086,620 shares during the period. Hhlr Advisors LTD. lifted its position in PDD by 140.4% during the first quarter. Hhlr Advisors LTD. now owns 6,562,576 shares of the company’s stock valued at $776,681,000 after purchasing an additional 3,832,301 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of 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. Orbis Allan Gray Ltd lifted its holdings in shares of PDD by 2,354.9% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,397,312 shares of the company’s stock valued at $283,722,000 after acquiring an additional 2,299,659 shares during the last quarter. Finally, Baillie Gifford & Co. raised its holdings in shares of PDD by 5.2% in the first quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company’s stock worth $4,739,595,000 after buying an additional 1,987,935 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 0.7%

Shares of PDD opened at $137.11 on Wednesday. The company has a market capitalization of $190.88 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.63 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41. The stock’s 50-day moving average price is $131.23 and its 200-day moving average price is $117.75.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PDD. Jefferies Financial Group set a $146.00 target price on PDD and gave the stock a “buy” rating in a report on Monday, August 25th. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Citigroup reaffirmed a “buy” rating on shares of PDD in a research report on Monday, August 25th. Macquarie set a $165.00 price objective on PDD and gave the company an “outperform” rating in a report on Monday, August 25th. Finally, Bank of America boosted their target price on PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 26th. Five investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $137.82.

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.