Sumitomo Mitsui DS Asset Management Company Ltd Raises Stock Position in 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 grew its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,439 shares of the company's stock after purchasing an additional 10,036 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in PDD were worth $6,221,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Krane Funds Advisors LLC lifted its stake in shares of PDD by 78.3% during the first quarter. Krane Funds Advisors LLC now owns 5,036,389 shares of the company's stock valued at $596,057,000 after buying an additional 2,211,286 shares during the period. Myriad Asset Management US LP purchased a new position in shares of PDD during the first quarter valued at approximately $4,496,000. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of PDD by 4,562.1% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 14,419,327 shares of the company's stock valued at $1,706,527,000 after buying an additional 14,110,042 shares during the period. Edmond DE Rothschild Holding S.A. lifted its stake in shares of PDD by 54.1% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 26,216 shares of the company's stock valued at $3,103,000 after buying an additional 9,206 shares during the period. Finally, Banco BTG Pactual S.A. purchased a new position in shares of PDD during the first quarter valued at approximately $537,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Down 0.5%

Shares of PDD stock traded down $0.66 during mid-day trading on Monday, reaching $128.82. The company's stock had a trading volume of 4,931,312 shares, compared to its average volume of 9,191,364. The company's 50 day simple moving average is $118.89 and its 200-day simple moving average is $111.80. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67. The firm has a market capitalization of $179.33 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.53 and a beta of 0.46.

Wall Street Analysts Forecast Growth

PDD has been the topic of several recent analyst reports. Bank of America upped their price objective on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research note on Tuesday, August 26th. JPMorgan Chase & Co. cut their price target on shares of PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. Citigroup reaffirmed a "buy" rating on shares of PDD in a research note on Monday, August 25th. Zacks Research raised shares of PDD from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 29th. Finally, China Renaissance reaffirmed a "hold" rating and set a $107.00 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 issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" 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.