NewEdge Advisors LLC Boosts Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• NewEdge Advisors LLC increased its stake in PDD Holdings by 20.5%, owning 17,673 shares valued at over $2 million.
• Multiple institutional investors including Baillie Gifford & Co and Mirae Asset Global Investments have significantly boosted their positions in PDD during the 1st quarter.
• Analysts have set varied price targets for PDD, with Jefferies Financial Group at $146.00 and Benchmark increasing their target to $160.00, reflecting a generally positive outlook.

NewEdge Advisors LLC raised its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,673 shares of the company's stock after acquiring an additional 3,001 shares during the quarter. NewEdge Advisors LLC's holdings in PDD were worth $2,092,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Baillie Gifford & Co. boosted its position in PDD by 5.2% during the 1st quarter. Baillie Gifford & Co. now owns 40,047,278 shares of the company's stock valued at $4,739,595,000 after acquiring an additional 1,987,935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in PDD by 9,469.7% during 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 acquiring an additional 39,263,851 shares in the last quarter. Vanguard Group Inc. boosted its position in PDD by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 29,079,476 shares of the company's stock valued at $3,441,556,000 after acquiring an additional 416,867 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in PDD by 4,562.1% during 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 acquiring an additional 14,110,042 shares in the last quarter. Finally, H&H International Investment LLC boosted its position in PDD by 7.3% during the 1st quarter. H&H International Investment LLC now owns 7,753,900 shares of the company's stock valued at $917,674,000 after acquiring an additional 525,200 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

Analysts Set New Price Targets

PDD has been the topic of several recent research reports. Jefferies Financial Group set a $146.00 target price on PDD and gave the company a "buy" rating in a research report on Monday, August 25th. JPMorgan Chase & Co. dropped their target price on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Macquarie set a $165.00 price objective on PDD and gave the company an "outperform" rating in a report on Monday, August 25th. China Renaissance reiterated a "hold" rating and set a $107.00 price objective on shares of PDD in a report on Wednesday, May 28th. Finally, Benchmark reiterated a "buy" rating and set a $160.00 price objective (up previously from $128.00) on shares of PDD in a report on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $137.82.

PDD Price Performance

NASDAQ PDD opened at $125.72 on Friday. The company has a market cap of $175.02 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.47 and a beta of 0.46. The stock's fifty day moving average price is $115.90 and its 200 day moving average price is $111.35. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year 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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