Shell Asset Management Co. Sells 7,884 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Shell Asset Management Co. lowered its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 22.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,705 shares of the company’s stock after selling 7,884 shares during the quarter. Shell Asset Management Co.’s holdings in PDD were worth $3,530,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in 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 acquiring an additional 2,956,249 shares in the last quarter. Norges Bank acquired a new position in shares of PDD during the second quarter worth about $962,785,000. Sanders Capital LLC boosted its position in shares of PDD by 21.5% during the second quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock worth $892,395,000 after buying an additional 1,508,445 shares during the period. Geode Capital Management LLC grew its holdings in shares of PDD by 4.0% during the second quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock worth $646,764,000 after buying an additional 240,627 shares in the last quarter. Finally, Orbis Allan Gray Ltd raised its position in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD opened at $100.28 on Friday. The company has a market cap of $139.60 billion and a PE ratio of 10.47. The firm has a 50-day moving average of $109.81 and a 200-day moving average of $119.98. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PDD shares. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Arete Research set a $130.00 price target on shares of PDD in a research note on Tuesday, December 9th. Citigroup reissued a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Bank of America decreased their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Finally, Sanford C. Bernstein set a $135.00 target price on PDD in a report on Tuesday, November 18th. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Hold” and an average target price of $139.87.

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.