Mirae Asset Global Investments Co. Ltd. Reduces Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Mirae Asset Global Investments significantly reduced its stake in PDD Holdings by 99.1%, selling over 39 million shares, leaving them with 348,325 shares valued at approximately $36.5 million.
• Meanwhile, other institutional investors such as Krane Funds Advisors and OVERSEA CHINESE BANKING Corp have increased their holdings in PDD, indicating a mixed sentiment among hedge funds regarding the stock.
• PDD Holdings Inc. currently has a market capitalization of $186.90 billion and has received varied analyst ratings, with a consensus price target of $137.82 and multiple "buy" ratings from firms like Barclays and Citigroup.

Mirae Asset Global Investments Co. Ltd. trimmed its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 99.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 348,325 shares of the company's stock after selling 39,330,154 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in PDD were worth $36,456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Krane Funds Advisors LLC lifted its position in shares of PDD by 78.3% in 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 period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of PDD by 20.3% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company's stock worth $6,221,000 after purchasing an additional 10,036 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of PDD by 4,562.1% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares during the period. Edmond DE Rothschild Holding S.A. lifted its position in shares of PDD by 54.1% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company's stock worth $3,103,000 after purchasing an additional 9,206 shares during the period. Finally, Banco BTG Pactual S.A. purchased a new position in PDD during the 1st quarter valued at about $537,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD stock opened at $134.25 on Friday. The stock has a market capitalization of $186.90 billion, a PE ratio of 14.56, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $155.67. The company has a 50-day simple moving average of $122.98 and a two-hundred day simple moving average of $112.65.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PDD shares. Bank of America lifted their price target on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research report on Tuesday, August 26th. Weiss Ratings reissued a "hold (c+)" rating on shares of PDD in a research report on Saturday, September 27th. Citigroup reissued a "buy" rating on shares of PDD in a research report on Monday, August 25th. Benchmark reissued a "buy" rating and set a $160.00 price target (up from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Finally, Barclays lifted their price target on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $137.82.

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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