PDD Holdings Inc. Sponsored ADR $PDD Stock Position Lessened by 3G Capital Partners LP

Key Points

• 3G Capital Partners LP reduced its stake in PDD Holdings Inc. by 29.4% during the first quarter, holding 300,000 shares worth approximately $35.51 million, which is about 10.2% of its total holdings.
• Institutional investment activity in PDD is notable, with Krane Funds Advisors increasing its stake by 78.3%, while OVERSEA CHINESE BANKING grew its ownership by over 4,500% in the same period.
• The stock currently has a market cap of $167.36 billion, with analysts rating it as "Buy" and "Hold" and providing an average target price of $137.82.

3G Capital Partners LP decreased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 29.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 300,000 shares of the company's stock after selling 125,000 shares during the quarter. PDD accounts for about 10.2% of 3G Capital Partners LP's holdings, making the stock its 3rd biggest holding. 3G Capital Partners LP's holdings in PDD were worth $35,505,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in PDD in the first quarter valued at approximately $26,000. IFP Advisors Inc raised its holdings in PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after acquiring an additional 290 shares in the last quarter. Goldstream Capital Management Ltd acquired a new stake in PDD in the first quarter valued at approximately $102,000. OneDigital Investment Advisors LLC acquired a new stake in PDD in the first quarter valued at approximately $204,000. Finally, Gunderson Capital Management Inc. acquired a new stake in PDD in the first quarter valued at approximately $218,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Price Performance

Shares of PDD traded up $0.81 during mid-day trading on Friday, reaching $124.68. 8,490,302 shares of the company's stock were exchanged, compared to its average volume of 9,490,154. The stock has a market capitalization of $173.57 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.46 and a beta of 0.46. The business's fifty day simple moving average is $114.22 and its 200-day simple moving average is $111.33. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the company a "buy" rating in a report on Monday, August 25th. Benchmark reissued a "buy" rating and set a $160.00 price objective (up previously from $128.00) on shares of PDD in a report on Tuesday, August 26th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. New Street Research cut shares of 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. Finally, Barclays raised their price objective on shares of PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $137.82.

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.