PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 6.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,738,478 shares of the company’s stock after selling 122,053 shares during the quarter. Bank of New York Mellon Corp owned 0.12% of PDD worth $229,775,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Gunderson Capital Management Inc. lifted its holdings in PDD by 5.5% in the second quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock valued at $203,000 after acquiring an additional 101 shares during the period. Lido Advisors LLC increased its holdings in shares of PDD by 4.6% during the 2nd quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock valued at $276,000 after purchasing an additional 115 shares in the last quarter. Range Financial Group LLC lifted its stake in shares of PDD by 3.4% in the 3rd quarter. Range Financial Group LLC now owns 3,489 shares of the company’s stock valued at $461,000 after purchasing an additional 116 shares during the period. Westside Investment Management Inc. lifted its stake in shares of PDD by 398.0% in the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after purchasing an additional 199 shares during the period. Finally, Bridgewater Advisors Inc. boosted its holdings in PDD by 10.8% during the second quarter. Bridgewater Advisors Inc. now owns 2,367 shares of the company’s stock worth $273,000 after buying an additional 230 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PDD shares. Loop Capital set a $170.00 price objective on shares of PDD in a report on Tuesday, January 6th. Zacks Research lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Bank of America lowered their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Sanford C. Bernstein set a $135.00 price objective on PDD in a research report on Tuesday, November 18th. Finally, Citigroup reaffirmed a “neutral” rating on shares of PDD in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, PDD presently has an average rating of “Hold” and an average price target of $139.87.

PDD Stock Performance

Shares of PDD opened at $101.05 on Friday. The stock has a 50 day moving average price of $112.45 and a 200 day moving average price of $120.60. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41. The stock has a market capitalization of $140.68 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.94 and a beta of 0.02.

About PDD

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.