PDD Holdings Inc. Sponsored ADR $PDD is Alden Global Capital LLC's 10th Largest Position

Key Points

• Alden Global Capital LLC reduced its holdings in PDD Holdings Inc. by 75.5%, now owning 35,437 shares, which makes up approximately 4.5% of its portfolio.
• Krane Funds Advisors LLC increased its stake in PDD by 78.3%, acquiring over 2.2 million additional shares, while OVERSEA CHINESE BANKING Corp Ltd's stake grew by an astonishing 4,562.1%.
• PDD stock's current price-to-earnings ratio is 13.20 with an average target price of $137.82, indicating a consensus rating of "Moderate Buy" among analysts.

Alden Global Capital LLC reduced its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 75.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,437 shares of the company's stock after selling 108,938 shares during the quarter. PDD comprises approximately 4.5% of Alden Global Capital LLC's investment portfolio, making the stock its 10th largest position. Alden Global Capital LLC's holdings in PDD were worth $4,194,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hollencrest Capital Management acquired a new stake in shares of PDD during the 1st quarter worth about $26,000. IFP Advisors Inc increased its position in shares of PDD by 245.8% during the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock worth $48,000 after purchasing an additional 290 shares during the last quarter. Goldstream Capital Management Ltd acquired a new stake in shares of PDD during the 1st quarter worth about $102,000. Siemens Fonds Invest GmbH acquired a new stake in shares of PDD during the 4th quarter worth about $192,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in shares of PDD during the 1st quarter worth about $204,000. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Performance

Shares of PDD traded up $0.81 during midday trading on Friday, hitting $124.68. The company had a trading volume of 8,490,302 shares, compared to its average volume of 9,490,154. The company's 50-day simple moving average is $114.22 and its 200-day simple moving average is $111.33. The firm has a market capitalization of $173.57 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.46 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PDD shares. Benchmark reissued a "buy" rating and set a $160.00 price objective (up from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Barclays lifted their target price on PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Macquarie set a $165.00 target price on PDD and gave the company an "outperform" rating in a research report 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 report on Tuesday, August 26th. Finally, Bank of America lifted their target price on PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $137.82.

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.