265,302 Shares in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) Bought by TT International Asset Management LTD

TT International Asset Management LTD purchased a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 265,302 shares of the company's stock, valued at approximately $31,398,000. PDD makes up 4.6% of TT International Asset Management LTD's holdings, making the stock its 9th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its stake in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after acquiring an additional 341,300 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of PDD in the fourth quarter worth about $4,685,000. Myriad Asset Management US LP bought a new position in shares of PDD in the first quarter worth about $4,496,000. FMR LLC raised its stake in shares of PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of PDD by 4.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 380,638 shares of the company's stock worth $36,918,000 after acquiring an additional 16,680 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. China Renaissance reissued a "hold" rating and set a $107.00 price target on shares of PDD in a research note on Wednesday, May 28th. Benchmark dropped their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the company a "buy" rating in a report on Tuesday, May 27th. JPMorgan Chase & Co. decreased their price objective on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a report on Wednesday, May 28th. Finally, Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $144.55.

PDD Price Performance

Shares of PDD stock traded down $1.04 on Friday, hitting $101.21. The company had a trading volume of 12,479,814 shares, compared to its average volume of 11,079,234. The firm has a market capitalization of $140.90 billion, a P/E ratio of 10.89, a P/E/G ratio of 1.45 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $155.67. The stock has a 50-day moving average of $105.26 and a 200-day moving average of $108.30.

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.