Panagora Asset Management Inc. Grows Stake in PDD Holdings Inc. Sponsored ADR $PDD

Panagora Asset Management Inc. lifted its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 20.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 103,135 shares of the company’s stock after purchasing an additional 17,200 shares during the quarter. Panagora Asset Management Inc.’s holdings in PDD were worth $10,794,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Lido Advisors LLC grew its position in PDD by 4.6% during the second quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock worth $276,000 after buying an additional 115 shares in the last quarter. West Family Investments Inc. boosted its position in shares of PDD by 29.1% during the 2nd quarter. West Family Investments Inc. now owns 3,916 shares of the company’s stock valued at $410,000 after acquiring an additional 882 shares during the last quarter. StepStone Group LP bought a new stake in shares of PDD during the 2nd quarter valued at about $736,000. Schroder Investment Management Group grew its holdings in shares of PDD by 20.5% during the second quarter. Schroder Investment Management Group now owns 2,317,953 shares of the company’s stock worth $242,597,000 after purchasing an additional 394,148 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of PDD by 5.0% in the second quarter. Mackenzie Financial Corp now owns 361,154 shares of the company’s stock worth $37,798,000 after purchasing an additional 17,078 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Stock Up 0.5%

Shares of NASDAQ:PDD opened at $118.90 on Wednesday. The stock has a market cap of $165.53 billion, a PE ratio of 12.41, a PEG ratio of 1.40 and a beta of 0.07. The company’s fifty day moving average is $129.15 and its 200 day moving average is $118.71. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PDD shares. Barclays lifted their target price on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. New Street Research downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 price objective for the company. in a report on Tuesday, August 26th. Citigroup reiterated a “buy” rating on shares of PDD in a research report on Monday, August 25th. Bank of America reduced their target price on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Finally, Benchmark reaffirmed a “buy” rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Five equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average 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.