PDD Holdings Inc. Sponsored ADR $PDD is IvyRock Asset Management HK Ltd’s Largest Position

IvyRock Asset Management HK Ltd increased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 25.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,086,849 shares of the company’s stock after buying an additional 222,500 shares during the quarter. PDD accounts for about 52.5% of IvyRock Asset Management HK Ltd’s portfolio, making the stock its largest position. IvyRock Asset Management HK Ltd’s holdings in PDD were worth $113,750,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PDD. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in PDD by 899.2% in the first 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 buying an additional 8,086,620 shares during the last quarter. Hhlr Advisors LTD. increased its holdings in shares of PDD by 140.4% during the first 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. Vanguard Group Inc. raised its position in shares of PDD by 10.2% in the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock valued at $3,352,859,000 after purchasing an additional 2,956,249 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of 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 purchasing an additional 2,573,065 shares during the last quarter. Finally, Orbis Allan Gray Ltd boosted its stake in PDD by 2,354.9% in the 1st quarter. Orbis Allan Gray Ltd now owns 2,397,312 shares of the company’s stock worth $283,722,000 after purchasing an additional 2,299,659 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD opened at $118.02 on Thursday. The business’s 50-day moving average is $131.62 and its two-hundred day moving average is $118.60. The company has a market capitalization of $164.30 billion, a P/E ratio of 12.32, a P/E/G ratio of 1.41 and a beta of 0.47. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of research analyst reports. Barclays raised their price target on shares of PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Benchmark restated a “buy” rating and issued a $160.00 target price (up previously from $128.00) on shares of PDD in a research note on Tuesday, August 26th. Bank of America lowered their price target on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday. Jefferies Financial Group set a $146.00 price objective on PDD and gave the company a “buy” rating in a report on Monday, August 25th. Finally, New Street Research cut PDD from a “buy” rating to a “neutral” rating and set a $120.00 price objective for the company. in a research note on Tuesday, August 26th. Five equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $137.50.

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.