Russell Investments Group Ltd. Has $69.72 Million Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Russell Investments Group Ltd. boosted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 7.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 665,745 shares of the company’s stock after purchasing an additional 43,916 shares during the period. Russell Investments Group Ltd.’s holdings in PDD were worth $69,723,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Westside Investment Management Inc. lifted its position in shares of PDD by 398.0% during the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after buying an additional 199 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in PDD during the second quarter worth about $28,000. IFP Advisors Inc lifted its holdings in shares of PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after acquiring an additional 290 shares during the last quarter. EMC Capital Management acquired a new stake in shares of PDD in the 2nd quarter valued at approximately $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of PDD during the 2nd quarter valued at approximately $56,000. Institutional investors own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PDD shares. Sanford C. Bernstein set a $135.00 price objective on shares of PDD in a research note on Tuesday, November 18th. Benchmark reiterated a “buy” rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a research note on Tuesday, August 26th. New Street Research downgraded PDD from a “buy” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a report on Tuesday, August 26th. Macquarie set a $165.00 target price on PDD and gave the stock an “outperform” rating in a report on Monday, August 25th. Finally, Citigroup reiterated a “buy” rating on shares of PDD in a research report on Monday, August 25th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $137.50.

PDD Stock Up 1.6%

Shares of PDD stock opened at $115.80 on Friday. The stock has a market cap of $161.21 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 1.37 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 company’s fifty day moving average is $129.81 and its 200 day moving average is $118.70.

PDD 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.