309,641 Shares in PDD Holdings Inc. Sponsored ADR $PDD Purchased by Causeway Capital Management LLC

Causeway Capital Management LLC bought a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 309,641 shares of the company’s stock, valued at approximately $40,925,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PDD. Vanguard Group Inc. grew its position in shares of PDD by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after acquiring an additional 348,997 shares during the period. Norges Bank bought a new stake in shares of PDD during the second quarter valued at about $962,785,000. Sanders Capital LLC increased its holdings in PDD by 21.5% during the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock worth $892,395,000 after acquiring an additional 1,508,445 shares during the period. Geode Capital Management LLC increased its holdings in shares of PDD by 4.0% in the second quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock worth $646,764,000 after purchasing an additional 240,627 shares during the period. Finally, Krane Funds Advisors LLC raised its holdings in shares of PDD by 25.5% in the 3rd quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock valued at $792,431,000 after acquiring an additional 1,247,634 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PDD has been the subject of several research analyst reports. Loop Capital set a $170.00 price target on PDD in a research note on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Bank of America decreased their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Finally, Morgan Stanley set a $148.00 price objective on PDD in a report on Thursday, January 15th. Four investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $139.87.

PDD Stock Up 0.7%

Shares of NASDAQ PDD opened at $102.64 on Tuesday. The company has a 50 day moving average of $106.94 and a 200 day moving average of $118.64. 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 market cap of $142.89 billion, a P/E ratio of 10.71, a PEG ratio of 0.90 and a beta of -0.01.

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.