Sylebra Capital LLC Sells 163,084 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Sylebra Capital LLC reduced its holdings in PDD Holdings Inc. by 40.8%, selling 163,084 shares during the first quarter, leaving them with 236,611 shares valued at approximately $28 million.
• Other institutional investors, such as Baillie Gifford & Co. and Mirae Asset Global Investments, significantly increased their positions in PDD, highlighting renewed investor interest in the company.
• Despite some price target adjustments by analysts, the consensus rating for PDD remains a Moderate Buy with a target price of $137.82, indicating potential upside for investors.

Sylebra Capital LLC reduced its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 40.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 236,611 shares of the company's stock after selling 163,084 shares during the quarter. PDD accounts for about 1.4% of Sylebra Capital LLC's investment portfolio, making the stock its 15th largest holding. Sylebra Capital LLC's holdings in PDD were worth $28,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers grew its stake in shares of PDD by 13.0% in the fourth quarter. Cetera Investment Advisers now owns 11,154 shares of the company's stock worth $1,082,000 after purchasing an additional 1,280 shares in the last quarter. Ensign Peak Advisors Inc grew its stake in shares of PDD by 12.3% in the fourth quarter. Ensign Peak Advisors Inc now owns 66,400 shares of the company's stock worth $6,440,000 after acquiring an additional 7,250 shares during the last quarter. Ground Swell Capital LLC grew its holdings in shares of PDD by 54.0% during the 4th quarter. Ground Swell Capital LLC now owns 2,764 shares of the company's stock worth $268,000 after purchasing an additional 969 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of PDD by 357.3% during the 4th quarter. Janus Henderson Group PLC now owns 455,266 shares of the company's stock worth $44,157,000 after buying an additional 355,712 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PDD by 13.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 621,092 shares of the company's stock worth $60,240,000 after buying an additional 72,674 shares during the period. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PDD has been the subject of several research analyst reports. Jefferies Financial Group set a $146.00 price objective on PDD and gave the company a "buy" rating in a research report on Monday, August 25th. New Street Research cut PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price for the company. in a research note on Tuesday, August 26th. JPMorgan Chase & Co. reduced their price objective on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Zacks Research raised PDD from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 target price on shares of PDD in a report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, PDD currently has a consensus rating of "Moderate Buy" and an average price target of $137.82.

PDD Price Performance

Shares of PDD traded down $0.11 during trading hours on Friday, hitting $125.61. The stock had a trading volume of 3,152,690 shares, compared to its average volume of 9,038,797. The firm has a market capitalization of $174.87 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 1.47 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 firm has a 50 day simple moving average of $115.90 and a 200-day simple moving average of $111.35.

About PDD

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.