Jennison Associates LLC Invests $24.19 Million in PDD Holdings Inc. Sponsored ADR $PDD

Jennison Associates LLC acquired a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 213,348 shares of the company’s stock, valued at approximately $24,192,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in PDD by 17.3% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 368,564 shares of the company’s stock worth $48,694,000 after acquiring an additional 54,418 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in PDD during the third quarter worth about $2,790,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in PDD by 4.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,719,535 shares of the company’s stock worth $227,271,000 after acquiring an additional 74,225 shares during the period. Exchange Traded Concepts LLC grew its holdings in PDD by 11.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company’s stock worth $27,522,000 after acquiring an additional 25,369 shares during the period. Finally, Rakuten Investment Management Inc. acquired a new stake in PDD during the third quarter worth about $18,311,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Citigroup reissued a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Loop Capital set a $170.00 price objective on PDD in a report on Tuesday, January 6th. Morgan Stanley set a $148.00 price objective on PDD in a report on Thursday, January 15th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Arete Research raised PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective on the stock in a report on Friday, April 17th. Six research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, PDD currently has a consensus rating of “Hold” and a consensus price target of $139.67.

PDD Price Performance

NASDAQ PDD opened at $99.72 on Friday. The company has a market cap of $138.82 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 0.94 and a beta of 0.07. The stock’s 50 day simple moving average is $101.41 and its 200-day simple moving average is $111.54. PDD Holdings Inc. Sponsored ADR has a 1-year low of $95.24 and a 1-year high of $139.41.

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.