PDD Holdings Inc. Sponsored ADR $PDD is IvyRock Asset Management HK Ltd’s Largest Position

IvyRock Asset Management HK Ltd lifted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 25.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,086,849 shares of the company’s stock after purchasing an additional 222,500 shares during the period. PDD comprises about 52.5% of IvyRock Asset Management HK Ltd’s investment portfolio, making the stock its largest position. IvyRock Asset Management HK Ltd owned 0.08% of PDD worth $113,750,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PDD. Westside Investment Management Inc. boosted its position in PDD by 398.0% in the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after buying an additional 199 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of PDD during the second quarter worth approximately $28,000. IFP Advisors Inc raised its stake in shares of PDD by 245.8% during the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock valued at $48,000 after acquiring an additional 290 shares in the last quarter. EMC Capital Management purchased a new stake in shares of PDD in the second quarter valued at approximately $52,000. Finally, Activest Wealth Management boosted its holdings in shares of PDD by 139.1% in the second quarter. Activest Wealth Management now owns 837 shares of the company’s stock valued at $88,000 after purchasing an additional 487 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD stock opened at $118.02 on Thursday. The stock’s 50-day moving average is $131.62 and its 200 day moving average is $118.60. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $139.41. The company has a market cap of $164.30 billion, a P/E ratio of 12.32, a PEG ratio of 1.41 and a beta of 0.47.

Analyst Upgrades and Downgrades

Several research firms have commented on PDD. Benchmark restated a “buy” rating and set a $160.00 price objective (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Bank of America dropped their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Wednesday. Sanford C. Bernstein set a $135.00 price objective on PDD in a report on Tuesday. Citigroup reiterated a “buy” rating on shares of PDD in a report on Monday, August 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, PDD has a consensus rating of “Hold” and an average price target of $137.50.

About PDD

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.