Prudential PLC Has $169.35 Million Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Prudential PLC grew its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 15.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,618,053 shares of the company’s stock after buying an additional 221,805 shares during the period. PDD makes up about 1.0% of Prudential PLC’s holdings, making the stock its 12th biggest holding. Prudential PLC’s holdings in PDD were worth $169,345,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PDD. Focus Financial Network Inc. increased its stake in PDD by 4.3% during the 2nd quarter. Focus Financial Network Inc. now owns 2,376 shares of the company’s stock valued at $249,000 after purchasing an additional 97 shares in the last quarter. Gunderson Capital Management Inc. boosted its stake in PDD by 5.5% during the 2nd quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock valued at $203,000 after purchasing an additional 101 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in PDD by 2.8% during the 1st quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company’s stock worth $625,000 after purchasing an additional 146 shares in the last quarter. Lindbrook Capital LLC increased its holdings in PDD by 11.5% during the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company’s stock worth $228,000 after purchasing an additional 199 shares in the last quarter. Finally, Westside Investment Management Inc. raised its stake in shares of PDD by 398.0% in the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after purchasing an additional 199 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 1.3%

NASDAQ PDD opened at $118.02 on Thursday. The company has a market capitalization of $164.30 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.41 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The stock’s 50-day simple moving average is $131.62 and its two-hundred day simple moving average is $118.60.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a research note on Tuesday. Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a research report on Tuesday, August 26th. Barclays increased their target price on shares of PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. Finally, Macquarie set a $165.00 target price on PDD and gave the company an “outperform” rating in a research note on Monday, August 25th. Five analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $137.50.

About PDD

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.