Rhumbline Advisers Sells 11,871 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Rhumbline Advisers reduced its stake in PDD Holdings Inc. by 12.0%, holding 87,262 shares valued at approximately $10.33 million after selling 11,871 shares in Q1.
• Multiple institutional investors increased their holdings in PDD, including IFP Advisors Inc., which boosted its stake by 245.8%.
• PDD has received mixed analyst ratings, with Zacks Research upgrading it to a "strong-buy", while other firms have set target prices ranging from $105 to $160.

Rhumbline Advisers lessened its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 12.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 87,262 shares of the company's stock after selling 11,871 shares during the period. Rhumbline Advisers' holdings in PDD were worth $10,327,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Signaturefd LLC boosted its stake in shares of PDD by 1.3% in the 1st quarter. Signaturefd LLC now owns 8,957 shares of the company's stock worth $1,060,000 after buying an additional 119 shares during the last quarter. Focus Financial Network Inc. boosted its stake in shares of PDD by 6.3% in the 1st quarter. Focus Financial Network Inc. now owns 2,279 shares of the company's stock worth $270,000 after buying an additional 136 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of PDD by 2.8% in the 1st quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company's stock worth $625,000 after buying an additional 146 shares during the last quarter. Lindbrook Capital LLC boosted its stake in shares of PDD by 11.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company's stock worth $228,000 after buying an additional 199 shares during the last quarter. Finally, Hollencrest Capital Management purchased a new position in shares of PDD in the 1st quarter worth approximately $26,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Trading Up 1.7%

Shares of NASDAQ:PDD traded up $2.16 during mid-day trading on Tuesday, reaching $129.55. The company had a trading volume of 6,290,240 shares, compared to its average volume of 9,049,661. The firm has a market cap of $180.35 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 1.48 and a beta of 0.46. The company's 50-day moving average price is $116.79 and its 200-day moving average price is $111.37. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of research analyst reports. China Renaissance restated a "hold" rating and issued a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Macquarie set a $165.00 price target on shares of PDD and gave the stock an "outperform" rating in a report on Monday, August 25th. New Street Research cut shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 price target on the stock. in a report on Tuesday, August 26th. Bank of America lifted their price target on shares of PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a report on Tuesday, August 26th. Finally, JPMorgan Chase & Co. lowered their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and an average price target of $137.82.

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.