PDD Holdings Inc. Sponsored ADR $PDD Stock Position Boosted by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its stake in PDD Holdings Inc. by 53.4%, acquiring an additional 2,573,065 shares in the second quarter, bringing its total ownership to approximately 7.4 million shares.
• PDD currently has a market cap of $180.24 billion and an average target price of $137.82, with ratings reflecting a consensus of "Moderate Buy" among analysts.
• Several institutional investors have adjusted their holdings in PDD, contributing to a collective 39.83% ownership by hedge funds and other institutions in the company.

Assenagon Asset Management S.A. lifted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 53.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,394,211 shares of the company's stock after buying an additional 2,573,065 shares during the period. PDD makes up approximately 1.1% of Assenagon Asset Management S.A.'s holdings, making the stock its 16th largest holding. Assenagon Asset Management S.A. owned about 0.53% of PDD worth $773,878,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Hollencrest Capital Management bought a new stake in PDD during the 1st quarter valued at approximately $26,000. IFP Advisors Inc raised its holdings in PDD by 245.8% in the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock worth $48,000 after acquiring an additional 290 shares during the last quarter. Goldstream Capital Management Ltd purchased a new position in PDD in the 1st quarter worth approximately $102,000. Siemens Fonds Invest GmbH purchased a new position in PDD in the 4th quarter worth approximately $192,000. Finally, OneDigital Investment Advisors LLC purchased a new position in PDD in the 1st quarter worth approximately $204,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PDD. Zacks Research upgraded shares of PDD from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. decreased their target price on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Bank of America boosted their price objective on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research report on Tuesday, August 26th. New Street Research downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 price objective for the company. in a research report on Tuesday, August 26th. Finally, China Renaissance reissued a "hold" rating and set a $107.00 price objective on shares of PDD in a research report on Wednesday, May 28th. One equities research 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's stock. Based on data from MarketBeat, PDD currently has an average rating of "Moderate Buy" and an average price target of $137.82.

PDD Price Performance

PDD traded up $1.73 during midday trading on Tuesday, reaching $130.30. 3,113,119 shares of the company's stock were exchanged, compared to its average volume of 9,170,208. The stock has a market capitalization of $181.39 billion, a PE ratio of 14.13, a P/E/G ratio of 1.53 and a beta of 0.46. The business's 50-day moving average price is $119.42 and its 200 day moving average price is $111.86. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67.

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.