Morningstar Investment Management LLC Acquires New Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Morningstar Investment Management LLC has acquired a new stake in PDD Holdings Inc., purchasing 14,071 shares valued at approximately $1.47 million during the second quarter.
• Several institutional investors significantly increased their stakes in PDD, with Mirae Asset Global Investments Co. Ltd. notably raising its stake by 9,469.7% in the first quarter.
• Brokerages have varied opinions on PDD's stock, with Zacks Research upgrading it to "strong-buy," while a downgrade from New Street Research set a target price of $120.00.

Morningstar Investment Management LLC acquired a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 14,071 shares of the company's stock, valued at approximately $1,473,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. raised its stake in PDD by 5.2% in the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock valued at $4,739,595,000 after purchasing an additional 1,987,935 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in PDD by 9,469.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock valued at $4,695,948,000 after purchasing an additional 39,263,851 shares during the last quarter. Vanguard Group Inc. raised its stake in PDD by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock valued at $3,441,556,000 after purchasing an additional 416,867 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in 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 valued at $1,706,527,000 after purchasing an additional 14,110,042 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in PDD by 899.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company's stock valued at $1,063,489,000 after purchasing an additional 8,086,620 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on PDD. Zacks Research raised PDD from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 29th. Jefferies Financial Group set a $146.00 target price on PDD and gave the stock a "buy" rating in a research note on Monday, August 25th. New Street Research downgraded PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price for the company. in a research note on Tuesday, August 26th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of PDD in a research note on Wednesday, October 8th. Finally, Barclays raised their target price on PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. One 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 company. According to data from MarketBeat, PDD presently has a consensus rating of "Hold" and a consensus target price of $137.82.

PDD Trading Up 2.6%

NASDAQ PDD opened at $127.55 on Tuesday. The stock has a market cap of $177.57 billion, a PE ratio of 13.83, a P/E/G ratio of 1.47 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $142.39. The stock has a fifty day simple moving average of $125.06 and a 200-day simple moving average of $112.69.

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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