WT Asset Management Ltd Decreases Stake in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• WT Asset Management Ltd has reduced its stake in PDD Holdings Inc. by 98.9%, selling 434,250 shares and retaining only 5,000 shares valued at $523,000.
• Several hedge funds have recently increased their positions in PDD, including GAMMA Investing LLC, which raised its stake by 16,268.1% in the 1st quarter.
• Analysts have mixed ratings on PDD shares, with Zacks upgrading them to a "strong-buy" while Bank of America raised its price target from $120.00 to $141.00.

WT Asset Management Ltd reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 98.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,000 shares of the company's stock after selling 434,250 shares during the quarter. WT Asset Management Ltd's holdings in PDD were worth $523,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PDD. GAMMA Investing LLC raised its position in shares of PDD by 16,268.1% in the 1st quarter. GAMMA Investing LLC now owns 7,693 shares of the company's stock valued at $910,000 after purchasing an additional 7,646 shares during the last quarter. Merit Financial Group LLC raised its position in shares of PDD by 7.2% in the 1st quarter. Merit Financial Group LLC now owns 4,511 shares of the company's stock valued at $534,000 after purchasing an additional 304 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in shares of PDD by 8.6% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 8,068 shares of the company's stock valued at $955,000 after purchasing an additional 638 shares during the last quarter. Prospect Financial Services LLC purchased a new position in shares of PDD in the 1st quarter valued at approximately $289,000. Finally, First Affirmative Financial Network purchased a new position in shares of PDD in the 1st quarter valued at approximately $218,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on PDD shares. Zacks Research upgraded shares of PDD from a "hold" rating to a "strong-buy" rating in a report on Friday, August 29th. Weiss Ratings reiterated a "hold (c+)" rating on shares of PDD in a report on Saturday, September 27th. Citigroup reiterated a "buy" rating on shares of PDD in a report on Monday, August 25th. New Street Research downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 price target on the stock. in a report on Tuesday, August 26th. Finally, Bank of America increased their price target on shares of PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $137.82.

PDD Price Performance

Shares of NASDAQ PDD opened at $134.25 on Friday. The stock has a market capitalization of $186.90 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.60 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The firm's 50 day simple moving average is $122.98 and its 200-day simple moving average is $112.65.

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.

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