ABS Direct Equity Fund LLC Sells 30,501 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• ABS Direct Equity Fund LLC reduced its stake in PDD Holdings Inc. by 55.9%, selling 30,501 shares and retaining 24,099 shares, which are now valued at approximately $2,522,000.
• Several other institutional investors have also adjusted their positions in PDD, with GAMMA Investing LLC significantly increasing its stake by 16,268.1%.
• Analysts have mixed ratings for PDD, with target prices ranging from $120.00 to $165.00, reflecting a general consensus of a Moderate Buy rating for the stock.

ABS Direct Equity Fund LLC trimmed its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 55.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,099 shares of the company's stock after selling 30,501 shares during the period. PDD accounts for about 4.0% of ABS Direct Equity Fund LLC's investment portfolio, making the stock its 10th largest position. ABS Direct Equity Fund LLC's holdings in PDD were worth $2,522,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in PDD. Siemens Fonds Invest GmbH acquired a new stake in PDD in the 4th quarter valued at about $192,000. GAMMA Investing LLC grew its stake in PDD by 16,268.1% in the 1st quarter. GAMMA Investing LLC now owns 7,693 shares of the company's stock valued at $910,000 after acquiring an additional 7,646 shares during the last quarter. Parallel Advisors LLC grew its stake in PDD by 50.6% in the 1st quarter. Parallel Advisors LLC now owns 3,815 shares of the company's stock valued at $452,000 after acquiring an additional 1,281 shares during the last quarter. Nipun Capital L.P. grew its stake in PDD by 159.9% in the 1st quarter. Nipun Capital L.P. now owns 40,800 shares of the company's stock valued at $4,829,000 after acquiring an additional 25,100 shares during the last quarter. Finally, Gunderson Capital Management Inc. acquired a new stake in PDD in the 1st quarter valued at about $218,000. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

Shares of PDD stock opened at $129.99 on Friday. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67. The firm's 50-day simple moving average is $121.28 and its 200-day simple moving average is $112.29. The firm has a market cap of $180.97 billion, a P/E ratio of 14.10, a PEG ratio of 1.55 and a beta of 0.46.

Analysts Set New Price Targets

A number of research analysts have issued reports on PDD shares. Barclays upped their target price on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Citigroup restated a "buy" rating on shares of PDD in a report on Monday, August 25th. New Street Research lowered shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price on the stock. in a report on Tuesday, August 26th. Benchmark restated a "buy" rating and issued a $160.00 target price (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Finally, Zacks Research upgraded shares of PDD from a "hold" rating to a "strong-buy" rating in a report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $137.82.

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.

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