Sowell Financial Services LLC Invests $237,000 in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Sowell Financial Services LLC invested approximately $237,000 in 2,260 shares of PDD Holdings Inc. during the second quarter, as reported in their SEC filing.
• Analysts have varying ratings for PDD, with New Street Research downgrading it to "neutral" with a target price of $120, while Barclays and Macquarie set higher targets of $165.00.
• PDD Holdings has a current market capitalization of $180.97 billion and its stock price has fluctuated between a twelve-month low of $87.11 and a high of $155.67.

Sowell Financial Services LLC purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,260 shares of the company's stock, valued at approximately $237,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its holdings in shares of PDD by 259.1% during the second quarter. Farther Finance Advisors LLC now owns 11,653 shares of the company's stock worth $1,220,000 after purchasing an additional 8,408 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in PDD by 53.4% in the second quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company's stock valued at $773,878,000 after acquiring an additional 2,573,065 shares during the last quarter. Myriad Asset Management US LP boosted its holdings in PDD by 1.7% in the second quarter. Myriad Asset Management US LP now owns 38,627 shares of the company's stock valued at $4,043,000 after acquiring an additional 637 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in 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 valued at $6,221,000 after acquiring an additional 10,036 shares during the last quarter. Finally, Focus Financial Network Inc. boosted its holdings in PDD by 4.3% in the second quarter. Focus Financial Network Inc. now owns 2,376 shares of the company's stock valued at $249,000 after acquiring an additional 97 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.8%

Shares of NASDAQ:PDD opened at $129.99 on Friday. The firm has a market capitalization of $180.97 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.55 and a beta of 0.46. The stock's 50 day moving average is $121.28 and its 200-day moving average is $112.29. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67.

Analysts Set New Price Targets

PDD has been the topic of several analyst reports. New Street Research cut PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price on the stock. in a report on Tuesday, August 26th. Barclays upped their target price on PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Macquarie set a $165.00 target price on PDD and gave the company an "outperform" rating in a report on Monday, August 25th. Citigroup restated a "buy" rating on shares of PDD in a report on Monday, August 25th. Finally, Benchmark restated a "buy" rating and set a $160.00 price target (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. One research 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 data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.

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