Appaloosa LP Has $517.19 Million Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Appaloosa LP has reduced its holdings in PDD Holdings Inc. by 18.4%, selling 986,132 shares, and now owns approximately 4.37 million shares worth nearly $517 million.
• PDD Holdings Inc. currently holds a market capitalization of $169.41 billion and has shown a price range between a 52-week low of $87.11 and a high of $155.67.
• Analysts have given PDD a mixed outlook, with a consensus average rating of "Hold" and target prices ranging from $107.00 to $165.00 across different investment firms.

Appaloosa LP trimmed its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 18.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,370,000 shares of the company's stock after selling 986,132 shares during the period. PDD accounts for about 6.2% of Appaloosa LP's investment portfolio, making the stock its 2nd largest position. Appaloosa LP owned about 0.32% of PDD worth $517,190,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new stake in PDD in the 1st quarter worth about $26,000. IFP Advisors Inc grew its stake in shares of PDD by 245.8% during 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 shares of PDD in the 1st quarter valued at about $102,000. Siemens Fonds Invest GmbH acquired a new stake in shares of PDD in the 4th quarter valued at about $192,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in shares of PDD in the 1st quarter valued at about $204,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Trading Up 0.7%

PDD stock traded up $0.81 during trading on Friday, hitting $124.68. The company had a trading volume of 8,490,302 shares, compared to its average volume of 9,490,154. The business has a 50 day moving average of $114.22 and a 200 day moving average of $111.24. The firm has a market capitalization of $173.57 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.47 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PDD shares. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price target on shares of PDD in a report on Wednesday, May 28th. Macquarie set a $165.00 price target on shares of PDD and gave the company an "outperform" rating in a report on Monday, August 25th. Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the company a "buy" rating in a report on Monday, August 25th. Benchmark reaffirmed a "buy" rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Finally, 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. One investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.