Sumitomo Mitsui Trust Group Inc. Sells 56,279 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Sumitomo Mitsui Trust Group Inc. cut its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 1,645,310 shares of the company’s stock after selling 56,279 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $172,198,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in PDD during the first quarter valued at $26,000. Ameritas Advisory Services LLC purchased a new position in PDD during the second quarter valued at $28,000. IFP Advisors Inc raised its stake in 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 buying an additional 290 shares during the last quarter. Activest Wealth Management raised its stake in PDD by 139.1% during the second quarter. Activest Wealth Management now owns 837 shares of the company’s stock valued at $88,000 after buying an additional 487 shares during the last quarter. Finally, Goldstream Capital Management Ltd purchased a new position in PDD during the first quarter valued at $102,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD opened at $133.96 on Friday. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $136.84. The firm has a market capitalization of $186.49 billion, a P/E ratio of 14.53, a PEG ratio of 1.58 and a beta of 0.40. The business has a fifty day moving average of $127.77 and a 200 day moving average of $113.89.

Analyst Ratings Changes

PDD has been the subject of a number of recent research reports. Jefferies Financial Group set a $146.00 price objective on PDD and gave the company a “buy” rating in a research note on Monday, August 25th. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. New Street Research cut PDD from a “buy” rating to a “neutral” rating and set a $120.00 price target for the company. in a research note on Tuesday, August 26th. Citigroup restated a “buy” rating on shares of PDD in a research note on Monday, August 25th. Finally, Barclays boosted their price target on PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $137.82.

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.