PDD Holdings Inc. Sponsored ADR $PDD Shares Acquired by Resona Asset Management Co. Ltd.

by · The Cerbat Gem

Resona Asset Management Co. Ltd. lifted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Free Report) by 5.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 194,273 shares of the company’s stock after acquiring an additional 9,992 shares during the period. Resona Asset Management Co. Ltd.’s holdings in PDD were worth $20,345,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in PDD in the 1st quarter worth approximately $26,000. Westside Investment Management Inc. increased its stake in PDD by 398.0% during the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after purchasing an additional 199 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of PDD in the second quarter worth $28,000. IFP Advisors Inc raised its holdings in shares of PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after buying an additional 290 shares during the last quarter. Finally, Activest Wealth Management lifted its stake in shares of PDD by 139.1% during the second quarter. Activest Wealth Management now owns 837 shares of the company’s stock worth $88,000 after buying an additional 487 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. New Street Research downgraded PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Tuesday, August 26th. Zacks Research cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Macquarie set a $165.00 price objective on PDD and gave the company an “outperform” rating in a report on Monday, August 25th. Bank of America raised their price objective on PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 26th. Finally, Citigroup reiterated a “buy” rating on shares of PDD in a research report on Monday, August 25th. 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $137.82.

Get Our Latest Analysis on PDD

PDD Trading Up 0.3%

Shares of NASDAQ:PDD opened at $136.74 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The business has a 50 day moving average of $130.25 and a two-hundred day moving average of $116.74. The company has a market capitalization of $190.36 billion, a PE ratio of 14.83, a PEG ratio of 1.61 and a beta of 0.47.

PDD Company Profile

(Free Report)

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.

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