E Fund Management Hong Kong Co. Ltd. Decreases Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

E Fund Management Hong Kong Co. Ltd. reduced its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 30.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 281,551 shares of the company's stock after selling 123,525 shares during the quarter. PDD accounts for about 29.9% of E Fund Management Hong Kong Co. Ltd.'s investment portfolio, making the stock its largest position. E Fund Management Hong Kong Co. Ltd.'s holdings in PDD were worth $33,322,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PDD. Global Retirement Partners LLC boosted its holdings in shares of PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after purchasing an additional 498 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after purchasing an additional 132 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of PDD by 43.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after purchasing an additional 249 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after purchasing an additional 97 shares in the last quarter. Finally, Generali Asset Management SPA SGR purchased a new position in shares of PDD in the 4th quarter worth about $165,000. 39.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and increased their target price for the company from $127.00 to $165.00 in a report on Monday, May 12th. Benchmark dropped their target price on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. China Renaissance restated a "hold" rating and set a $107.00 target price on shares of PDD in a report on Wednesday, May 28th. Macquarie restated an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Finally, Nomura restated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Seven research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $144.55.

PDD Price Performance

PDD opened at $101.95 on Tuesday. The business has a 50 day simple moving average of $105.40 and a two-hundred day simple moving average of $108.45. The firm has a market capitalization of $141.93 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 1.43 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67.

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.

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