Ritholtz Wealth Management Decreases Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Ritholtz Wealth Management decreased its stake in PDD Holdings Inc. by 15.1% during the second quarter, now owning 11,329 shares valued at approximately $1.186 million.
• Other hedge funds like Krane Funds Advisors and OVERSEA CHINESE BANKING significantly increased their holdings in PDD, with Krane raising its stake by 78.3%.
• PDD has received mixed ratings from analysts, with Zacks Research upgrading it to a "strong-buy" while New Street Research lowered its rating to "neutral," reflecting divergent views on its market performance.

Ritholtz Wealth Management lowered its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 15.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,329 shares of the company's stock after selling 2,012 shares during the quarter. Ritholtz Wealth Management's holdings in PDD were worth $1,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Krane Funds Advisors LLC raised its stake in shares of PDD by 78.3% in the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock worth $596,057,000 after purchasing an additional 2,211,286 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of PDD by 20.3% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 59,439 shares of the company's stock worth $6,221,000 after purchasing an additional 10,036 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of PDD by 4,562.1% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock worth $1,706,527,000 after purchasing an additional 14,110,042 shares during the last quarter. Edmond DE Rothschild Holding S.A. raised its stake in shares of PDD by 54.1% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company's stock worth $3,103,000 after purchasing an additional 9,206 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of PDD by 53.4% in the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company's stock worth $773,878,000 after purchasing an additional 2,573,065 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Performance

NASDAQ:PDD opened at $128.48 on Friday. The stock has a 50-day simple moving average of $126.17 and a two-hundred day simple moving average of $113.00. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $136.84. The firm has a market capitalization of $178.86 billion, a PE ratio of 13.93, a P/E/G ratio of 1.51 and a beta of 0.40.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Zacks Research upgraded PDD from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 29th. Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a "buy" rating in a report on Monday, August 25th. New Street Research lowered PDD from a "buy" rating to a "neutral" rating and set a $120.00 price objective for the company. in a report on Tuesday, August 26th. Barclays lifted their price objective on PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Finally, Macquarie set a $165.00 price objective on PDD and gave the stock an "outperform" rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, PDD currently has an average rating of "Hold" and a consensus target price 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.

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