Global X Japan Co. Ltd. Trims Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Global X Japan Co. Ltd. reduced its stake in PDD Holdings Inc. by 17.7%, owning now 174,103 shares valued at approximately $18.2 million, making it the firm's 16th largest position.
• Multiple institutional investors have modified their holdings in PDD, with 39.83% of the stock currently held by institutional investors.
• Equity analysts have given PDD an average rating of "Moderate Buy" with a target price of $137.82, while Barclays and Macquarie set higher targets of $165.00.

Global X Japan Co. Ltd. lessened its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 17.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 174,103 shares of the company's stock after selling 37,351 shares during the period. PDD accounts for about 1.8% of Global X Japan Co. Ltd.'s portfolio, making the stock its 16th largest position. Global X Japan Co. Ltd.'s holdings in PDD were worth $18,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Hollencrest Capital Management acquired a new stake in PDD in the 1st quarter worth approximately $26,000. IFP Advisors Inc boosted its position in shares of PDD by 245.8% during the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after acquiring an additional 290 shares during the last quarter. Goldstream Capital Management Ltd acquired a new position in PDD in the first quarter valued at about $102,000. Siemens Fonds Invest GmbH acquired a new stake in shares of PDD during the fourth quarter worth about $192,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in shares of PDD during the first quarter worth about $204,000. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PDD shares. Barclays increased their price target on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $112.00 price target on shares of PDD in a report on Wednesday, May 28th. Macquarie set a $165.00 price objective on shares of PDD and gave the company an "outperform" rating in a research note on Monday, August 25th. Bank of America increased their target price on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a report on Tuesday, August 26th. Finally, China Renaissance restated a "hold" rating and issued a $107.00 price target on shares of PDD in a report on Wednesday, May 28th. 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 MarketBeat, PDD currently has an average rating of "Moderate Buy" and an average price target of $137.82.

PDD Price Performance

NASDAQ PDD opened at $129.47 on Friday. The company has a market capitalization of $180.24 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.57 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The company's fifty day moving average price is $118.89 and its two-hundred day moving average price is $111.91.

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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