AQR Capital Management LLC Trims Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• AQR Capital Management LLC has reduced its holdings in PDD Holdings Inc. by 2.2%, selling 19,584 shares and now owning approximately 864,498 shares valued at $102.3 million.
• Several other institutional investors, including Janus Henderson Group PLC, have significantly increased their stakes in PDD, indicating growing interest from hedge funds and institutional investors.
• Analysts have mixed ratings for PDD, with one Strong Buy, five Buy, and eight Hold ratings, and an average price target of $137.82, signaling potential for moderate growth.

AQR Capital Management LLC reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 864,498 shares of the company's stock after selling 19,584 shares during the quarter. AQR Capital Management LLC owned about 0.06% of PDD worth $102,313,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Signaturefd LLC raised its stake in PDD by 1.3% in the first quarter. Signaturefd LLC now owns 8,957 shares of the company's stock valued at $1,060,000 after purchasing an additional 119 shares in the last quarter. Focus Financial Network Inc. increased its holdings in PDD by 6.3% in the 1st quarter. Focus Financial Network Inc. now owns 2,279 shares of the company's stock valued at $270,000 after buying an additional 136 shares during the period. Advisors Asset Management Inc. increased its holdings in PDD by 2.8% in the 1st quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company's stock valued at $625,000 after buying an additional 146 shares during the period. Lindbrook Capital LLC raised its position in shares of PDD by 11.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company's stock valued at $228,000 after buying an additional 199 shares in the last quarter. Finally, Hollencrest Capital Management bought a new stake in shares of PDD during the 1st quarter worth approximately $26,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Price Performance

Shares of PDD stock traded up $0.81 during trading on Friday, hitting $124.68. The company's stock had a trading volume of 8,490,302 shares, compared to its average volume of 9,698,484. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The stock has a market cap of $173.57 billion, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.47 and a beta of 0.46. The stock has a 50-day moving average price of $114.22 and a two-hundred day moving average price of $111.24.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Jefferies Financial Group set a $146.00 price objective on shares of PDD and gave the company a "buy" rating in a research note on Monday, August 25th. China Renaissance reaffirmed a "hold" rating and issued a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Citigroup reissued a "buy" rating on shares of PDD in a report on Monday, August 25th. Bank of America upped their price objective on PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 26th. Finally, Zacks Research upgraded PDD from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.