QRG Capital Management Inc. Sells 650 Shares of PDD Holdings Inc. Sponsored ADR $PDD

QRG Capital Management Inc. lessened its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,119 shares of the company’s stock after selling 650 shares during the period. QRG Capital Management Inc.’s holdings in PDD were worth $1,478,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in PDD by 9,469.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,678,479 shares of the company’s stock valued at $4,695,948,000 after acquiring an additional 39,263,851 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in 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 valued at $1,706,527,000 after acquiring an additional 14,110,042 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in PDD by 899.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock valued at $1,063,489,000 after acquiring an additional 8,086,620 shares in the last quarter. Hhlr Advisors LTD. lifted its stake in PDD by 140.4% in the 1st quarter. Hhlr Advisors LTD. now owns 6,562,576 shares of the company’s stock valued at $776,681,000 after acquiring an additional 3,832,301 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in PDD by 53.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 7,394,211 shares of the company’s stock valued at $773,878,000 after acquiring an additional 2,573,065 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.6%

PDD stock opened at $133.48 on Wednesday. The firm has a market capitalization of $185.82 billion, a PE ratio of 14.48, a PEG ratio of 1.59 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $145.71. The business’s 50 day simple moving average is $123.69 and its 200 day simple moving average is $112.63.

Analyst Ratings Changes

Several research firms have commented on PDD. Jefferies Financial Group set a $146.00 target price on PDD and gave the company a “buy” rating in a research note on Monday, August 25th. Barclays boosted their target price on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. Citigroup reiterated a “buy” rating on shares of PDD in a research note on Monday, August 25th. Benchmark reiterated a “buy” rating and set a $160.00 price objective (up previously from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of PDD in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, PDD currently has a consensus rating of “Hold” 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.