PDD Holdings Inc. Sponsored ADR $PDD Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,719,535 shares of the company’s stock after acquiring an additional 74,225 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $227,271,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Westside Investment Management Inc. grew its stake in PDD by 398.0% in the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after acquiring an additional 199 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of PDD during the 2nd quarter worth $28,000. Global Retirement Partners LLC grew its position in shares of PDD by 215.7% in the third quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after purchasing an additional 302 shares during the period. EMC Capital Management acquired a new position in PDD in the second quarter valued at $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich acquired a new position in PDD in the second quarter valued at $56,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on PDD shares. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. Arete downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $130.00 target price for the company. in a report on Tuesday, December 9th. Bank of America dropped their price target on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday, November 19th. Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Finally, Arete Research set a $130.00 price objective on PDD in a report on Tuesday, December 9th. Five equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, PDD has an average rating of “Hold” and a consensus price target of $138.67.

PDD Stock Performance

NASDAQ PDD opened at $118.73 on Tuesday. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41. The company’s 50 day moving average price is $119.01 and its 200 day moving average price is $120.69. The firm has a market capitalization of $165.29 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 1.12 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.