Platinum Investment Management Ltd. Reduces Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Platinum Investment Management Ltd. cut its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 19.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,509 shares of the company’s stock after selling 21,746 shares during the quarter. PDD makes up approximately 0.6% of Platinum Investment Management Ltd.’s holdings, making the stock its 26th largest holding. Platinum Investment Management Ltd.’s holdings in PDD were worth $9,263,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Hollencrest Capital Management bought a new stake in shares of PDD in the first quarter worth $26,000. IFP Advisors Inc increased its position in shares of PDD by 245.8% in the 1st quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after purchasing an additional 290 shares during the last quarter. Goldstream Capital Management Ltd bought a new stake in shares of PDD in the 1st quarter worth about $102,000. OneDigital Investment Advisors LLC bought a new stake in shares of PDD in the 1st quarter worth about $204,000. Finally, Sanibel Captiva Trust Company Inc. bought a new stake in shares of PDD in the 1st quarter worth about $218,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Bank of America boosted their price objective on PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a report on Tuesday, August 26th. Zacks Research raised PDD from a “hold” rating to a “strong-buy” rating in a report on Friday, August 29th. Jefferies Financial Group set a $146.00 price target on PDD and gave the company a “buy” rating in a report on Monday, August 25th. Barclays boosted their price target on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, August 26th. Finally, New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price for the company. in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, PDD has an average rating of “Moderate Buy” and a consensus target price of $137.82.

PDD Trading Up 1.7%

NASDAQ:PDD opened at $134.40 on Thursday. The firm has a market capitalization of $187.10 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.56 and a beta of 0.40. The stock has a 50 day moving average of $122.32 and a 200-day moving average of $112.56. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67.

PDD Company 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.