Panagora Asset Management Inc. Sells 8,986 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Panagora Asset Management Inc. reduced its stake in PDD Holdings by 9.5%, selling 8,986 shares during the first quarter, leaving them with 85,935 shares valued at approximately $10.17 million.
• Institutional investors currently hold 39.83% of PDD's stock, with notable recent activity from firms like Cat Rock Capital Management and Dragoneer Investment Group.
• Analysts have set varied price targets for PDD, ranging from $105.00 to $160.00, with an average target of $137.82, signaling mixed investor sentiment around the stock.

Panagora Asset Management Inc. decreased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 9.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 85,935 shares of the company's stock after selling 8,986 shares during the period. Panagora Asset Management Inc.'s holdings in PDD were worth $10,170,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PDD. Hollencrest Capital Management acquired a new position in shares of PDD in the 1st quarter valued at $26,000. IFP Advisors Inc grew its holdings in shares of PDD by 245.8% in the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after buying an additional 290 shares during the period. Goldstream Capital Management Ltd acquired a new position in shares of PDD in the 1st quarter valued at $102,000. Siemens Fonds Invest GmbH acquired a new position in shares of PDD in the 4th quarter valued at $192,000. Finally, OneDigital Investment Advisors LLC acquired a new position in shares of PDD in the 1st quarter valued at $204,000. Institutional investors and hedge funds own 39.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PDD. 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. Citigroup reaffirmed a "buy" rating on shares of PDD in a research note on Monday, August 25th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $112.00 target price on shares of PDD in a research note on Wednesday, May 28th. Zacks Research raised shares of PDD from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 29th. Finally, Barclays upped their target price on shares of PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and an average target price of $137.82.

PDD Price Performance

PDD stock traded up $2.70 during trading hours on Wednesday, hitting $124.39. The company had a trading volume of 7,753,292 shares, compared to its average volume of 8,936,177. The firm has a market cap of $173.17 billion, a PE ratio of 13.49, a PEG ratio of 1.42 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67. The firm has a 50-day moving average of $113.47 and a 200 day moving average of $111.36.

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.