Federation des caisses Desjardins du Quebec Has $3.09 Million Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• The Federation des caisses Desjardins du Quebec has reduced its stake in PDD Holdings Inc. by 16.0%, now owning 26,091 shares valued at approximately $3.09 million.
• Other institutional investors significantly increased their holdings, with Mirae Asset Global Investments boosting their stake by 9,469.7%, now owning approximately 39.68 million shares worth about $4.69 billion.
• The current consensus rating for PDD stock is a Moderate Buy, with a target price averaging $137.82 across multiple analysts.

Federation des caisses Desjardins du Quebec trimmed its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 16.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,091 shares of the company's stock after selling 4,975 shares during the period. Federation des caisses Desjardins du Quebec's holdings in PDD were worth $3,089,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Krane Funds Advisors LLC raised its holdings in PDD by 78.3% during the 1st quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock worth $596,057,000 after purchasing an additional 2,211,286 shares during the last quarter. Myriad Asset Management US LP bought a new position in PDD during the first quarter worth $4,496,000. OVERSEA CHINESE BANKING Corp Ltd raised its stake in PDD by 4,562.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after buying an additional 14,110,042 shares during the last quarter. Banco BTG Pactual S.A. acquired a new position in PDD in the first quarter valued at $537,000. Finally, WCM Investment Management LLC lifted its holdings in PDD by 3,127.3% in the first quarter. WCM Investment Management LLC now owns 411,324 shares of the company's stock valued at $49,544,000 after buying an additional 398,579 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

Shares of NASDAQ:PDD traded up $1.04 during trading on Thursday, reaching $125.72. 9,592,087 shares of the stock were exchanged, compared to its average volume of 9,922,460. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67. The stock has a fifty day moving average of $115.90 and a two-hundred day moving average of $111.35. The firm has a market cap of $175.02 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.47 and a beta of 0.46.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PDD shares. Bank of America increased their price target on PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a report on Tuesday, August 26th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $112.00 target price on shares of PDD in a research report on Wednesday, May 28th. Jefferies Financial Group set a $146.00 target price on PDD and gave the stock a "buy" rating in a report on Monday, August 25th. Benchmark reissued a "buy" rating and issued a $160.00 price target (up from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Finally, Citigroup restated a "buy" rating on shares of PDD in a report on Monday, August 25th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.