Tuttle Capital Management LLC Takes Position in PDD Holdings Inc. Sponsored ADR $PDD

Tuttle Capital Management LLC bought a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 6,428 shares of the company’s stock, valued at approximately $850,000. PDD accounts for 3.2% of Tuttle Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding.

Other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in PDD in the 2nd quarter valued at about $962,785,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of PDD by 899.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock worth $1,063,489,000 after buying an additional 8,086,620 shares during the period. Himalaya Capital Management LLC acquired a new stake in PDD in the second quarter valued at approximately $482,273,000. NetEase Inc. purchased a new position in PDD in the second quarter worth approximately $372,117,000. Finally, Orbis Allan Gray Ltd lifted its stake in PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock worth $591,091,000 after acquiring an additional 3,250,416 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.3%

PDD stock opened at $113.83 on Wednesday. The company has a market capitalization of $158.47 billion, a P/E ratio of 11.88, a PEG ratio of 1.28 and a beta of 0.08. The business has a 50 day simple moving average of $122.02 and a 200-day simple moving average of $119.75. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Sanford C. Bernstein set a $135.00 price target on PDD in a research note on Tuesday, November 18th. Wall Street Zen raised PDD from a “hold” rating to a “buy” rating in a research report on Saturday, November 22nd. Bank of America dropped 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. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Five equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $136.43.

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.