OVERSEA CHINESE BANKING Corp Ltd Has $45.38 Million Position in PDD Holdings Inc. Sponsored ADR $PDD

OVERSEA CHINESE BANKING Corp Ltd raised its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 8.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 400,127 shares of the company’s stock after purchasing an additional 31,563 shares during the period. PDD makes up 1.2% of OVERSEA CHINESE BANKING Corp Ltd’s portfolio, making the stock its 20th biggest position. OVERSEA CHINESE BANKING Corp Ltd’s holdings in PDD were worth $45,379,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of PDD by 595.0% during the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after acquiring an additional 238 shares during the period. Binnacle Investments Inc increased its stake in PDD by 281.7% in the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after acquiring an additional 200 shares during the period. Wexford Capital LP acquired a new position in PDD in the third quarter worth about $44,000. Assetmark Inc. raised its position in PDD by 314.4% in the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 305 shares in the last quarter. Finally, Larson Financial Group LLC lifted its stake in PDD by 720.4% during the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 353 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the topic of several analyst reports. Nomura upgraded PDD from a “neutral” rating to a “buy” rating and set a $136.00 price objective on the stock in a research note on Friday, March 27th. Citigroup restated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target on the stock in a research note on Friday, April 17th. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Finally, Morgan Stanley set a $148.00 price objective on PDD in a research note on Thursday, January 15th. Six analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $139.67.

PDD Stock Down 5.0%

NASDAQ:PDD opened at $98.99 on Wednesday. The firm has a market cap of $137.81 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 0.98 and a beta of 0.07. PDD Holdings Inc. Sponsored ADR has a 12 month low of $95.24 and a 12 month high of $139.41. The company’s 50-day moving average price is $101.87 and its two-hundred day moving average price is $112.88.

About PDD

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.