Rafferty Asset Management LLC Sells 21,817 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Rafferty Asset Management LLC decreased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 18.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,561 shares of the company’s stock after selling 21,817 shares during the period. Rafferty Asset Management LLC’s holdings in PDD were worth $12,498,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. West Family Investments Inc. boosted its stake in shares of PDD by 2.8% during the 3rd quarter. West Family Investments Inc. now owns 4,026 shares of the company’s stock worth $532,000 after acquiring an additional 110 shares during the period. Lido Advisors LLC lifted its holdings in PDD by 4.6% during the 2nd quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock valued at $276,000 after purchasing an additional 115 shares during the last quarter. Range Financial Group LLC lifted its holdings in PDD by 3.4% during the 3rd quarter. Range Financial Group LLC now owns 3,489 shares of the company’s stock valued at $461,000 after purchasing an additional 116 shares during the last quarter. Savant Capital LLC boosted its position in PDD by 5.2% during the third quarter. Savant Capital LLC now owns 3,079 shares of the company’s stock worth $407,000 after purchasing an additional 151 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in PDD by 10.2% during the third quarter. EverSource Wealth Advisors LLC now owns 1,832 shares of the company’s stock worth $242,000 after purchasing an additional 170 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Down 1.6%

Shares of PDD stock opened at $103.73 on Monday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The company has a 50-day simple moving average of $108.35 and a two-hundred day simple moving average of $119.36. The stock has a market capitalization of $144.41 billion, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 0.95 and a beta of -0.01.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PDD. Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Bank of America decreased their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Sanford C. Bernstein set a $135.00 price target on shares of PDD in a report on Tuesday, November 18th. Loop Capital set a $170.00 price objective on PDD in a report on Tuesday, January 6th. Finally, Morgan Stanley set a $148.00 target price on PDD in a research report on Thursday, January 15th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $139.87.

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.