Rhumbline Advisers Has $10.33 Million Stake in 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 shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 12.0% during the 1st quarter, according to its most recent disclosure with the SEC. 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 large investors also recently modified their holdings of the stock. Hollencrest Capital Management acquired a new position in PDD during the 1st quarter valued at about $26,000. IFP Advisors Inc increased its stake in 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 in the last quarter. Goldstream Capital Management Ltd acquired a new stake in shares of PDD during the first quarter worth $102,000. Siemens Fonds Invest GmbH bought a new stake in shares of PDD in the fourth quarter valued at about $192,000. Finally, OneDigital Investment Advisors LLC acquired a new position in PDD during the 1st quarter worth approximately $204,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. Zacks Research raised shares of PDD from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 29th. JPMorgan Chase & Co. lowered their target price on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 price target on shares of PDD in a research report on Wednesday, May 28th. Benchmark reaffirmed a "buy" rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Finally, Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a "buy" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $137.82.

PDD Stock Performance

Shares of PDD opened at $124.68 on Thursday. The firm has a market cap of $173.57 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.49 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The firm's 50-day simple moving average is $115.46 and its 200 day simple moving average is $111.30.

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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