Royal Bank of Canada Grows Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Royal Bank of Canada increased its stake in PDD Holdings Inc. by 84.9%, acquiring an additional 182,565 shares and bringing its total holdings to 397,501 shares valued at $47 million.
• Large investors have shown significant interest in PDD, with Krane Funds Advisors LLC increasing its stake by 78.3% and OVERSEA CHINESE BANKING Corp Ltd raising its stake by a staggering 4,562.1%.
• Analysts have mixed views on PDD, with Zacks Research upgrading it to a "strong-buy" rating, while the consensus rating remains at "Moderate Buy" with a target price of $137.82.

Royal Bank of Canada boosted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 84.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 397,501 shares of the company's stock after acquiring an additional 182,565 shares during the quarter. Royal Bank of Canada's holdings in PDD were worth $47,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. DRW Securities LLC purchased a new stake in shares of PDD during the first quarter valued at approximately $318,000. Orbis Allan Gray Ltd increased its position in shares of PDD by 2,354.9% in the first quarter. Orbis Allan Gray Ltd now owns 2,397,312 shares of the company's stock valued at $283,722,000 after acquiring an additional 2,299,659 shares during the period. OLD Mission Capital LLC bought a new position in shares of PDD during the first quarter valued at about $448,000. Vident Advisory LLC boosted its holdings in shares of PDD by 3.5% during the first quarter. Vident Advisory LLC now owns 10,109 shares of the company's stock worth $1,196,000 after purchasing an additional 338 shares during the period. Finally, Grafton Street Partners Fund LP bought a new stake in shares of PDD in the first quarter worth about $4,627,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Price Performance

NASDAQ:PDD traded up $1.04 during mid-day trading on Thursday, hitting $125.72. 9,592,087 shares of the company's stock were exchanged, compared to its average volume of 9,922,460. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $155.67. The business has a fifty day moving average price of $115.90 and a 200 day moving average price of $111.35. The company has a market cap of $175.02 billion, a PE ratio of 13.64, a P/E/G ratio of 1.47 and a beta of 0.46.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PDD shares. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 price objective on shares of PDD in a research report on Wednesday, May 28th. JPMorgan Chase & Co. dropped their price target on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. 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. Zacks Research upgraded shares of PDD from a "hold" rating to a "strong-buy" rating in a report on Friday, August 29th. Finally, Barclays lifted their target price on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. One investment 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. Based on data from MarketBeat, PDD currently has a consensus rating of "Moderate Buy" and a consensus target price 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.