Acadian Asset Management LLC Lowers Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Acadian Asset Management LLC reduced its stake in PDD Holdings by 16.1%, now holding 405,264 shares valued at approximately $47.95 million.
• Institutional investors now own 39.83% of PDD's stock, with notable increases from firms like UBS Asset Management, which raised its holdings by 899.2%.
• PDD's stock trading saw a 1.1% decline, with a current market cap of $173.57 billion and a consensus target price of $137.82.

Acadian Asset Management LLC lessened its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 16.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 405,264 shares of the company's stock after selling 77,925 shares during the period. Acadian Asset Management LLC's holdings in PDD were worth $47,950,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. increased its position in PDD by 5.2% during the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock valued at $4,739,595,000 after buying an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in PDD by 9,469.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock valued at $4,695,948,000 after buying an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. increased its position in PDD by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock valued at $3,441,556,000 after buying an additional 416,867 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd increased its position in PDD by 4,562.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after buying an additional 14,110,042 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in PDD by 899.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company's stock valued at $1,063,489,000 after buying an additional 8,086,620 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Jefferies Financial Group set a $146.00 target price on PDD and gave the stock a "buy" rating in a report on Monday, August 25th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 target price on shares of PDD in a report on Wednesday, May 28th. New Street Research lowered PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price for the company. 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, Bank of America lifted their target price on PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.82.

PDD Price Performance

Shares of PDD traded up $1.96 during trading hours on Tuesday, hitting $129.35. The stock had a trading volume of 5,624,823 shares, compared to its average volume of 9,047,658. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The firm has a market capitalization of $180.07 billion, a PE ratio of 14.01, a PEG ratio of 1.48 and a beta of 0.46. The stock has a fifty day moving average price of $116.79 and a 200 day moving average price of $111.37.

PDD Company 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.