Greenwoods Asset Management Hong Kong Ltd. Sells 1,415,680 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Greenwoods Asset Management Hong Kong Ltd. cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 30.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,219,839 shares of the company’s stock after selling 1,415,680 shares during the period. PDD comprises approximately 11.7% of Greenwoods Asset Management Hong Kong Ltd.’s holdings, making the stock its 4th largest holding. Greenwoods Asset Management Hong Kong Ltd.’s holdings in PDD were worth $336,988,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of PDD. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of PDD by 20.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company’s stock valued at $6,221,000 after purchasing an additional 10,036 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in PDD by 54.1% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company’s stock valued at $3,103,000 after purchasing an additional 9,206 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in PDD by 53.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock valued at $773,878,000 after purchasing an additional 2,573,065 shares during the last quarter. Banco BTG Pactual S.A. acquired a new position in PDD in the first quarter valued at about $537,000. Finally, Teachers Retirement System of The State of Kentucky grew its stake in PDD by 25.8% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 168,590 shares of the company’s stock worth $19,953,000 after buying an additional 34,600 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Trading Down 0.7%

PDD stock opened at $137.11 on Wednesday. The company has a market cap of $190.88 billion, a PE ratio of 14.87, a PEG ratio of 1.63 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $139.41. The company’s 50-day moving average is $131.23 and its two-hundred day moving average is $117.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PDD shares. New Street Research lowered PDD from a “buy” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research report on Tuesday, August 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Macquarie set a $165.00 price objective on shares of PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. Barclays boosted their target price on shares of PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. Finally, Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the company a “buy” rating in a research note on Monday, August 25th. Five investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $137.82.

PDD 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.