Altimeter Capital Management LP Makes New $181.30 Million Investment in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Altimeter Capital purchased 1,371,680 shares of PDD in Q3 valued at about $181.30 million, equal to roughly 0.10% of PDD and about 2.4% of Altimeter’s portfolio, making it the firm's 12th-largest holding.
• PDD trades with a market cap of $142.9 billion and a P/E of 10.72 (52-week range $87.11–$139.41); analysts have a consensus Hold rating with an average price target of $139.87.

Altimeter Capital Management LP purchased a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,371,680 shares of the company's stock, valued at approximately $181,295,000. PDD accounts for approximately 2.4% of Altimeter Capital Management LP's holdings, making the stock its 12th largest holding. Altimeter Capital Management LP owned approximately 0.10% of PDD as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Focus Partners Wealth boosted its holdings in PDD by 352.8% in the first quarter. Focus Partners Wealth now owns 9,939 shares of the company's stock valued at $1,176,000 after purchasing an additional 7,744 shares during the period. Intech Investment Management LLC increased its holdings in PDD by 2.7% during the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company's stock worth $1,762,000 after purchasing an additional 395 shares during the period. Envestnet Asset Management Inc. raised its position in PDD by 6.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,559 shares of the company's stock valued at $2,152,000 after purchasing an additional 1,186 shares in the last quarter. Savant Capital LLC raised its position in PDD by 65.1% in the 2nd quarter. Savant Capital LLC now owns 2,928 shares of the company's stock valued at $306,000 after purchasing an additional 1,155 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of PDD by 12.9% in the 2nd quarter. SBI Securities Co. Ltd. now owns 4,329 shares of the company's stock valued at $453,000 after buying an additional 495 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Performance

Shares of NASDAQ PDD opened at $102.65 on Friday. The stock's 50-day simple moving average is $106.05 and its 200-day simple moving average is $118.04. The firm has a market capitalization of $142.90 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 0.90 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Loop Capital set a $170.00 price objective on PDD in a research report on Tuesday, January 6th. Bank of America decreased their price target on shares of PDD from $141.00 to $140.00 and set a "neutral" rating for the company in a research note on Wednesday, November 19th. Morgan Stanley set a $148.00 price target on shares of PDD in a report on Thursday, January 15th. Sanford C. Bernstein set a $135.00 price objective on shares of PDD in a research report on Tuesday, November 18th. Finally, Citigroup restated a "neutral" rating on shares of PDD in a report on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, PDD presently has a consensus rating of "Hold" and an average price target of $139.87.

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.

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