66,087 Shares in PDD Holdings Inc. Sponsored ADR $PDD Bought by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 66,087 shares of the company’s stock, valued at approximately $6,917,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Krane Funds Advisors LLC raised its holdings in shares of PDD by 78.3% during the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company’s stock worth $596,057,000 after acquiring an additional 2,211,286 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of PDD by 20.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock worth $6,221,000 after acquiring an additional 10,036 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of PDD by 4,562.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company’s stock worth $1,706,527,000 after acquiring an additional 14,110,042 shares during the period. Edmond DE Rothschild Holding S.A. raised its holdings in shares of PDD by 54.1% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company’s stock worth $3,103,000 after acquiring an additional 9,206 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in shares of PDD by 53.4% during the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock worth $773,878,000 after acquiring an additional 2,573,065 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. New Street Research downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price for the company. in a research report on Tuesday, August 26th. Benchmark reaffirmed a “buy” rating and issued a $160.00 target price (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Macquarie set a $165.00 target price on shares of PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. Finally, Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the company a “buy” rating in a research report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $137.82.

PDD Stock Performance

Shares of PDD opened at $137.76 on Tuesday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $138.75. The firm has a market cap of $191.78 billion, a P/E ratio of 14.94, a price-to-earnings-growth ratio of 1.58 and a beta of 0.40. The firm’s 50-day simple moving average is $128.15 and its 200 day simple moving average is $114.47.

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.