PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd reduced its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 18.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 314,146 shares of the company’s stock after selling 69,534 shares during the quarter. PDD makes up 0.9% of OVERSEA CHINESE BANKING Corp Ltd’s investment portfolio, making the stock its 25th biggest holding. OVERSEA CHINESE BANKING Corp Ltd’s holdings in PDD were worth $32,886,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PDD. Wealth Enhancement Advisory Services LLC acquired a new position in shares of PDD during the 1st quarter worth about $1,631,000. Sequoia Financial Advisors LLC boosted its position in shares of PDD by 10.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,050 shares of the company’s stock worth $598,000 after acquiring an additional 482 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of PDD by 2.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,701,589 shares of the company’s stock valued at $201,383,000 after purchasing an additional 39,242 shares during the period. Sicart Associates LLC boosted its position in shares of PDD by 5.8% in the 1st quarter. Sicart Associates LLC now owns 10,700 shares of the company’s stock valued at $1,266,000 after purchasing an additional 584 shares during the period. Finally, RedJay Asset Management Inc. acquired a new stake in shares of PDD in the 1st quarter valued at about $2,722,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PDD. Benchmark reissued a “buy” rating and issued a $160.00 target price (up from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Bank of America upped their target price on PDD from $120.00 to $141.00 and gave the company a “neutral” rating in a research report on Tuesday, August 26th. Zacks Research raised PDD from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 29th. Macquarie set a $165.00 target price on PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. Finally, Barclays upped their target price on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, PDD has a consensus rating of “Hold” and an average target price of $137.82.

PDD Trading Up 0.5%

PDD stock opened at $133.96 on Monday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $136.84. The stock has a 50 day moving average of $127.77 and a two-hundred day moving average of $114.16. The stock has a market capitalization of $186.49 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.58 and a beta of 0.40.

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.