WCM Investment Management LLC Sells 86,100 Shares of PDD Holdings Inc. Sponsored ADR $PDD

WCM Investment Management LLC lowered its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 30.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,785 shares of the company’s stock after selling 86,100 shares during the period. WCM Investment Management LLC’s holdings in PDD were worth $25,322,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PDD. Vanguard Group Inc. boosted its stake in shares of PDD by 10.2% during the second quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock valued at $3,352,859,000 after purchasing an additional 2,956,249 shares in the last quarter. Norges Bank acquired a new stake in PDD during the 2nd quarter worth approximately $962,785,000. Sanders Capital LLC grew its holdings in PDD by 21.5% during the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock worth $892,395,000 after acquiring an additional 1,508,445 shares during the last quarter. Geode Capital Management LLC increased its position in PDD by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock valued at $646,764,000 after acquiring an additional 240,627 shares during the period. Finally, Orbis Allan Gray Ltd raised its stake in shares of PDD by 135.6% during the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after acquiring an additional 3,250,416 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $148.00 price target on PDD in a research note on Thursday, January 15th. Sanford C. Bernstein set a $135.00 price target on shares of PDD in a research report on Tuesday, November 18th. Loop Capital set a $170.00 price objective on shares of PDD in a research report on Tuesday, January 6th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a research report on Saturday. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.87.

PDD Trading Up 2.4%

NASDAQ PDD opened at $103.49 on Tuesday. The company has a fifty day simple moving average of $112.25 and a 200 day simple moving average of $120.79. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The company has a market cap of $144.07 billion and a P/E ratio of 10.80.

PDD 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.