PDD Holdings Inc. Sponsored ADR $PDD Shares Sold by Prudential PLC

Prudential PLC reduced its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,556,903 shares of the company’s stock after selling 61,150 shares during the quarter. PDD makes up about 1.5% of Prudential PLC’s investment portfolio, making the stock its 10th biggest position. Prudential PLC’s holdings in PDD were worth $205,776,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in PDD by 1.1% during the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after purchasing an additional 348,997 shares during the last quarter. Norges Bank acquired a new position in shares of PDD in the 2nd quarter valued at about $962,785,000. Sanders Capital LLC grew its position in shares of PDD by 21.5% during the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after buying an additional 1,508,445 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 240,627 shares during the period. Finally, Krane Funds Advisors LLC raised its stake in PDD by 25.5% during the third quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock worth $792,431,000 after acquiring an additional 1,247,634 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Trading Up 1.0%

PDD opened at $102.65 on Friday. The business’s 50 day moving average is $106.05 and its 200-day moving average is $118.08. The stock has a market cap of $142.90 billion, a PE ratio of 10.72, a price-to-earnings-growth ratio of 0.90 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.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PDD. Arete Research set a $130.00 target price on PDD in a research note on Tuesday, December 9th. Bank of America dropped 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 target on PDD in a report on Tuesday, November 18th. Loop Capital set a $170.00 price objective on PDD in a research report on Tuesday, January 6th. Finally, Citigroup restated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Four investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus 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.