Fairtree Asset Management Pty Ltd Cuts Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Fairtree Asset Management Pty Ltd decreased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 53.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,439 shares of the company’s stock after selling 16,729 shares during the period. PDD comprises about 1.2% of Fairtree Asset Management Pty Ltd’s investment portfolio, making the stock its 22nd biggest position. Fairtree Asset Management Pty Ltd’s holdings in PDD were worth $1,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Focus Partners Wealth increased its stake in PDD by 352.8% in the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock valued at $1,176,000 after acquiring an additional 7,744 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of PDD by 2.7% in the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock worth $1,762,000 after purchasing an additional 395 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of PDD by 6.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 20,559 shares of the company’s stock valued at $2,152,000 after purchasing an additional 1,186 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of PDD by 758.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 4,114 shares of the company’s stock valued at $429,000 after buying an additional 3,635 shares in the last quarter. Finally, Carrhae Capital LLP lifted its position in PDD by 156.4% in the 2nd quarter. Carrhae Capital LLP now owns 503,595 shares of the company’s stock worth $52,706,000 after buying an additional 307,158 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on PDD shares. Morgan Stanley set a $148.00 price target on shares of PDD in a research report on Thursday, January 15th. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a report on Tuesday, November 18th. Loop Capital set a $170.00 target price on shares of PDD in a research report on Tuesday, January 6th. Arete Research set a $130.00 price target on shares of PDD in a research report on Tuesday, December 9th. Finally, Bank of America decreased their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a report on Wednesday, November 19th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $139.87.

PDD Stock Down 1.6%

Shares of PDD opened at $103.73 on Monday. The stock has a market capitalization of $144.41 billion, a P/E ratio of 10.83, a PEG ratio of 0.95 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The firm has a fifty day simple moving average of $108.35 and a two-hundred day simple moving average of $119.36.

PDD Profile

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.