Matthews International Capital Management LLC Reduces Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Matthews International Capital Management LLC reduced its stake in PDD Holdings Inc. by 20.9%, selling 132,400 shares in the second quarter, leaving them with approximately 500,026 shares valued at $52.3 million.
• A number of large investors diversified their stakes in PDD, with some, like Ameritas Advisory Services LLC and Yarbrough Capital LLC, increasing their holdings by up to 41.1%.
• Analysts have mixed ratings on PDD, with one analyst giving it a Strong Buy rating, while others have rated it as neutral or hold, reflecting a price target range between $120.00 and $165.00.

Matthews International Capital Management LLC lessened its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 500,026 shares of the company's stock after selling 132,400 shares during the period. PDD comprises about 12.0% of Matthews International Capital Management LLC's holdings, making the stock its biggest position. Matthews International Capital Management LLC's holdings in PDD were worth $52,333,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. Ameritas Advisory Services LLC purchased a new stake in PDD during the second quarter worth about $28,000. Union Bancaire Privee UBP SA increased its holdings in PDD by 20.8% during the second quarter. Union Bancaire Privee UBP SA now owns 56,727 shares of the company's stock worth $5,403,000 after buying an additional 9,751 shares during the last quarter. TB Alternative Assets Ltd. increased its holdings in PDD by 6.5% during the second quarter. TB Alternative Assets Ltd. now owns 212,888 shares of the company's stock worth $22,281,000 after buying an additional 13,001 shares during the last quarter. Yarbrough Capital LLC increased its holdings in PDD by 41.1% during the second quarter. Yarbrough Capital LLC now owns 60,489 shares of the company's stock worth $6,331,000 after buying an additional 17,608 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in PDD during the second quarter worth about $237,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on PDD shares. 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 report on Tuesday, August 26th. Citigroup restated a "buy" rating on shares of PDD in a report on Monday, August 25th. Bank of America lifted their target price on shares of PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 26th. Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the stock a "buy" rating in a research note on Monday, August 25th. Finally, Macquarie set a $165.00 target price on shares of PDD and gave the stock an "outperform" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $137.82.

PDD Trading Down 0.7%

Shares of NASDAQ:PDD opened at $134.25 on Friday. The company has a 50 day moving average of $122.98 and a 200 day moving average of $112.65. The stock has a market cap of $186.90 billion, a P/E ratio of 14.56, a P/E/G ratio of 1.60 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month 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.

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