Sumitomo Mitsui DS Asset Management Company Ltd Acquires 10,036 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in PDD Holdings Inc. by 20.3% during the second quarter, bringing its total holdings to 59,439 shares worth approximately $6.2 million.
• Other significant investors, including Krane Funds Advisors and OVERSEA CHINESE BANKING Corp, have also made substantial purchases, with OVERSEA increasing its position by 4,562.1% to own 14.4 million shares, valued at about $1.7 billion.
• PDD Holdings Inc. has received a mix of analyst ratings, with Zacks Research upgrading it to a "strong-buy" and a consensus rating of "Moderate Buy" including an average price target of $137.82.

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,439 shares of the company's stock after purchasing an additional 10,036 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in PDD were worth $6,221,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of PDD. Krane Funds Advisors LLC grew its holdings in PDD by 78.3% during the 1st quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock valued at $596,057,000 after purchasing an additional 2,211,286 shares in the last quarter. Myriad Asset Management US LP acquired a new position in PDD during the 1st quarter valued at about $4,496,000. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of PDD by 4,562.1% in the 1st 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. grew its stake in shares of PDD by 54.1% in the 1st 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, Banco BTG Pactual S.A. purchased a new stake in shares of PDD in the 1st quarter valued at approximately $537,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Price Performance

PDD stock traded up $1.95 during midday trading on Tuesday, reaching $130.52. The company had a trading volume of 2,369,185 shares, compared to its average volume of 9,165,471. The company has a market capitalization of $181.70 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 1.53 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67. The stock has a 50 day moving average price of $119.42 and a 200-day moving average price of $111.86.

Analysts Set New Price Targets

A number of brokerages recently commented on PDD. Macquarie set a $165.00 price objective on shares of PDD and gave the company an "outperform" rating in a research report on Monday, August 25th. 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. Citigroup reaffirmed a "buy" rating on shares of PDD in a report on Monday, August 25th. China Renaissance restated a "hold" rating and set a $107.00 target price on shares of PDD in a research report on Wednesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $112.00 price target on shares of PDD in a research note on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company 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.