Myriad Asset Management US LP Sells 16,238 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Myriad Asset Management US LP lowered its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 75.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,297 shares of the company’s stock after selling 16,238 shares during the period. PDD accounts for 1.0% of Myriad Asset Management US LP’s portfolio, making the stock its 23rd largest position. Myriad Asset Management US LP’s holdings in PDD were worth $601,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of PDD by 1.1% in the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after acquiring an additional 348,997 shares during the period. Assenagon Asset Management S.A. increased its position in PDD by 305.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock worth $762,991,000 after acquiring an additional 5,070,827 shares during the period. First Beijing Investment Ltd increased its position in PDD by 10.6% during the third quarter. First Beijing Investment Ltd now owns 6,168,721 shares of the company’s stock worth $815,320,000 after acquiring an additional 590,869 shares during the period. Krane Funds Advisors LLC raised its stake in PDD by 25.5% during the 3rd quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock valued at $792,431,000 after purchasing an additional 1,247,634 shares during the last quarter. Finally, Orbis Allan Gray Ltd raised its stake in PDD by 135.6% during the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on PDD shares. Morgan Stanley set a $148.00 price target on shares of PDD in a research report on Thursday, January 15th. Arete Research set a $130.00 price objective on shares of PDD in a research report on Tuesday, December 9th. Nomura upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price for the company in a research note on Friday, March 27th. Wall Street Zen downgraded PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Citigroup restated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, PDD currently has an average rating of “Hold” and an average price target of $140.27.

PDD Price Performance

PDD opened at $100.87 on Friday. The company has a market capitalization of $140.43 billion, a P/E ratio of 10.73, a P/E/G ratio of 0.95 and a beta of 0.07. The firm’s fifty day moving average price is $102.38 and its two-hundred day moving average price is $115.53. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41.

PDD Company Profile

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.