Global X Japan Co. Ltd. Trims Stock Holdings 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. trimmed its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 17.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,103 shares of the company's stock after selling 37,351 shares during the period. PDD comprises about 1.8% of Global X Japan Co. Ltd.'s investment portfolio, making the stock its 16th biggest position. Global X Japan Co. Ltd.'s holdings in PDD were worth $18,222,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Hollencrest Capital Management purchased a new stake in shares of PDD in the first quarter worth about $26,000. IFP Advisors Inc increased its stake in PDD by 245.8% during the first 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 bought a new stake in PDD during the first quarter worth approximately $102,000. OneDigital Investment Advisors LLC bought a new stake in PDD during the first quarter worth approximately $204,000. Finally, Gunderson Capital Management Inc. bought a new stake in PDD during the first quarter worth approximately $218,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Trading Up 1.1%

Shares of PDD traded up $1.39 during midday trading on Tuesday, hitting $129.96. 3,787,917 shares of the company's stock traded hands, compared to its average volume of 9,174,562. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67. The firm's fifty day moving average is $119.42 and its 200-day moving average is $111.86. The stock has a market capitalization of $180.92 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 1.53 and a beta of 0.46.

Analyst Ratings Changes

Several brokerages have weighed in on PDD. China Renaissance reissued a "hold" rating and set a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Macquarie set a $165.00 target price on PDD and gave the company an "outperform" rating in a research note on Monday, August 25th. New Street Research cut PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price on the stock. in a research note on Tuesday, August 26th. Bank of America upped their target price on PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research note on Tuesday, August 26th. Finally, Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a "buy" rating in a research note 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 given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.