Mirae Asset Global Investments Co. Ltd. Sells 39,330,154 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Mirae Asset Global Investments Co. Ltd. cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 99.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 348,325 shares of the company’s stock after selling 39,330,154 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in PDD were worth $36,456,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PDD. GAMMA Investing LLC grew its stake in shares of PDD by 16,268.1% in the first quarter. GAMMA Investing LLC now owns 7,693 shares of the company’s stock worth $910,000 after acquiring an additional 7,646 shares during the period. Merit Financial Group LLC grew its stake in shares of PDD by 7.2% in the first quarter. Merit Financial Group LLC now owns 4,511 shares of the company’s stock worth $534,000 after acquiring an additional 304 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in shares of PDD by 8.6% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,068 shares of the company’s stock worth $955,000 after acquiring an additional 638 shares during the period. Prospect Financial Services LLC bought a new stake in shares of PDD in the first quarter worth approximately $289,000. Finally, First Affirmative Financial Network bought a new stake in shares of PDD in the first quarter worth approximately $218,000. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PDD. Zacks Research upgraded shares of PDD from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 29th. Citigroup restated a “buy” rating on shares of PDD in a research report on Monday, August 25th. 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 report on Tuesday, August 26th. Bank of America boosted their target price on shares of PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a research report on Tuesday, August 26th. 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 equities research 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $137.82.

PDD Price Performance

PDD opened at $134.25 on Friday. The firm has a market cap of $186.90 billion, a P/E ratio of 14.56, a PEG ratio of 1.60 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67. The company has a 50 day simple moving average of $122.98 and a two-hundred day simple moving average of $112.65.

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.