PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in PDD Holdings Inc. by 71.8%, now owning 12,461 shares valued at approximately $1.3 million.
• Mirae Asset Global Investments and OVERSEA CHINESE BANKING Corp made significant increases in their holdings during the first quarter, boosting their positions by 9,469.7% and 4,562.1%, respectively.
• Analysts have a mixed outlook on PDD, with an average rating of "Hold" and a target price of $137.82, while some firms set targets as high as $165.00.

Allspring Global Investments Holdings LLC lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 71.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,461 shares of the company's stock after selling 31,751 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PDD were worth $1,315,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of PDD by 9,469.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company's stock worth $4,695,948,000 after acquiring an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in shares of PDD by 4,562.1% during the first 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of PDD by 899.2% during the first 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 period. Hhlr Advisors LTD. lifted its holdings in shares of PDD by 140.4% in the first quarter. Hhlr Advisors LTD. now owns 6,562,576 shares of the company's stock valued at $776,681,000 after buying an additional 3,832,301 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in shares of PDD by 53.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company's stock worth $773,878,000 after acquiring an additional 2,573,065 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Jefferies Financial Group set a $146.00 price target on PDD and gave the company a "buy" rating in a research note on Monday, August 25th. Benchmark reaffirmed a "buy" rating and set a $160.00 price objective (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Bank of America lifted their target price on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research note on Tuesday, August 26th. Barclays raised their price objective 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. Finally, Macquarie set a $165.00 price target on shares of PDD and gave the company an "outperform" rating in a research note on Monday, August 25th. One research 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 stock. Based on data from MarketBeat, PDD has an average rating of "Hold" and an average target price of $137.82.

PDD Stock Performance

Shares of PDD opened at $130.06 on Thursday. The firm has a market cap of $181.06 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.54 and a beta of 0.40. The firm's 50-day simple moving average is $127.09 and its 200 day simple moving average is $113.38. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $136.84.

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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