Legal & General Group Plc lowered its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Free Report) by 8.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,147,464 shares of the company’s stock after selling 378,036 shares during the period. Legal & General Group Plc owned 0.30% of PDD worth $470,280,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC grew its holdings in PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after acquiring an additional 238 shares during the period. Binnacle Investments Inc grew its holdings in PDD by 281.7% during the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after acquiring an additional 200 shares during the period. Wexford Capital LP acquired a new stake in PDD during the 3rd quarter worth $44,000. Assetmark Inc. grew its holdings in PDD by 314.4% during the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock worth $53,000 after acquiring an additional 305 shares during the period. Finally, Larson Financial Group LLC grew its holdings in PDD by 720.4% during the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock worth $53,000 after acquiring an additional 353 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.
Analyst Ratings Changes
A number of research firms have commented on PDD. Arete Research raised shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 target price for the company in a report on Friday, April 17th. Nomura raised shares of PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price for the company in a report on Friday, March 27th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Finally, Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $137.86.
PDD Price Performance
Shares of NASDAQ PDD opened at $94.52 on Tuesday. The company’s fifty day moving average is $99.59 and its 200-day moving average is $107.55. The stock has a market cap of $134.54 billion, a price-to-earnings ratio of 10.06, a P/E/G ratio of 0.89 and a beta of 0.04. PDD Holdings Inc. Sponsored ADR has a twelve month low of $92.57 and a twelve month high of $139.41.
PDD Company Profile
PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.
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