Accuvest Global Advisors Has $235,000 Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Accuvest Global Advisors cut its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 37.0% in the second quarter, Holdings Channel reports. The firm owned 2,243 shares of the company’s stock after selling 1,315 shares during the quarter. Accuvest Global Advisors’ holdings in PDD were worth $235,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in shares of PDD during the first quarter worth $26,000. Ameritas Advisory Services LLC acquired a new stake in shares of PDD during the second quarter worth $28,000. IFP Advisors Inc grew its stake in shares of PDD by 245.8% during the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock worth $48,000 after purchasing an additional 290 shares during the period. Activest Wealth Management grew its stake in shares of PDD by 139.1% during the second quarter. Activest Wealth Management now owns 837 shares of the company’s stock worth $88,000 after purchasing an additional 487 shares during the period. Finally, Goldstream Capital Management Ltd acquired a new stake in shares of PDD during the first quarter worth $102,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PDD. Bank of America lifted their price objective on PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 26th. Citigroup restated a “buy” rating on shares of PDD in a report on Monday, August 25th. Zacks Research downgraded PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Macquarie set a $165.00 price target on PDD and gave the stock an “outperform” rating in a report on Monday, August 25th. Finally, Barclays increased their price target on PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $137.82.

PDD Price Performance

Shares of PDD stock opened at $134.87 on Friday. The firm has a market cap of $187.76 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.59 and a beta of 0.40. The stock’s 50-day moving average is $129.35 and its 200-day moving average is $115.72. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41.

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.