Matthews International Capital Management LLC Has $74.85 Million Holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Matthews International Capital Management LLC decreased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 632,426 shares of the company's stock after selling 35,528 shares during the quarter. PDD makes up approximately 15.5% of Matthews International Capital Management LLC's holdings, making the stock its biggest holding. Matthews International Capital Management LLC's holdings in PDD were worth $74,848,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PDD. Renaissance Technologies LLC increased its stake in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock valued at $91,898,000 after purchasing an additional 341,300 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in PDD in the 4th quarter worth approximately $4,685,000. Alberta Investment Management Corp lifted its position in PDD by 12.6% in the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock worth $18,434,000 after buying an additional 21,302 shares in the last quarter. Myriad Asset Management US LP purchased a new stake in PDD in the 1st quarter worth approximately $4,496,000. Finally, FMR LLC raised its holdings in shares of PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Trading Down 1.0%

Shares of PDD traded down $1.04 on Friday, reaching $101.21. 12,479,814 shares of the company's stock were exchanged, compared to its average volume of 11,073,925. The stock has a market capitalization of $140.90 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 1.43 and a beta of 0.42. The business has a 50 day moving average price of $105.26 and a two-hundred day moving average price of $108.37. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Benchmark lowered their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Nomura reiterated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the company a "buy" rating in a research report on Tuesday, May 27th. JPMorgan Chase & Co. cut their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Barclays downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Sunday, June 1st. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $144.55.

About PDD

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.