Rakuten Investment Management Inc. Takes Position in PDD Holdings Inc. Sponsored ADR $PDD

Rakuten Investment Management Inc. acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 138,543 shares of the company’s stock, valued at approximately $18,311,000.

Several other hedge funds have also bought and sold shares of PDD. Westside Investment Management Inc. increased its position in PDD by 398.0% during the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after buying an additional 199 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of PDD during the 2nd quarter worth approximately $28,000. EMC Capital Management acquired a new position in shares of PDD during the 2nd quarter worth approximately $52,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in PDD in the 2nd quarter valued at $56,000. Finally, Global Retirement Partners LLC raised its stake in PDD by 215.7% in the 3rd quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after acquiring an additional 302 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on PDD. Sanford C. Bernstein set a $135.00 price objective on shares of PDD in a report on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Arete lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $130.00 price target on the stock. in a research note on Tuesday, December 9th. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Bank of America reduced 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. Five investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $139.25.

PDD Stock Performance

PDD stock opened at $104.46 on Wednesday. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41. The company’s 50-day simple moving average is $115.56 and its 200 day simple moving average is $120.83. The company has a market capitalization of $145.42 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 0.99 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.