Rhumbline Advisers Boosts Stake in PDD Holdings Inc. Sponsored ADR $PDD

Rhumbline Advisers grew its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 7.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 76,203 shares of the company’s stock after purchasing an additional 5,324 shares during the period. Rhumbline Advisers’ holdings in PDD were worth $10,072,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Focus Partners Wealth lifted its position 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 buying an additional 7,744 shares during the last quarter. Intech Investment Management LLC raised its stake 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 valued at $1,762,000 after acquiring an additional 395 shares during the period. Rehmann Capital Advisory Group lifted its holdings in shares of PDD by 15.2% in the 2nd quarter. Rehmann Capital Advisory Group now owns 2,495 shares of the company’s stock worth $261,000 after acquiring an additional 330 shares during the last quarter. SSA Swiss Advisors AG purchased a new position in shares of PDD during the 2nd quarter worth approximately $2,872,000. Finally, Envestnet Asset Management Inc. boosted 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 worth $2,152,000 after purchasing an additional 1,186 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on PDD. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Arete Research set a $130.00 price objective on PDD in a report on Tuesday, December 9th. Loop Capital set a $170.00 target price on PDD in a research note on Tuesday, January 6th. Morgan Stanley set a $148.00 target price on PDD in a research report on Thursday, January 15th. Finally, Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, PDD presently has an average rating of “Hold” and a consensus price target of $139.87.

PDD Trading Up 2.9%

NASDAQ:PDD opened at $104.94 on Friday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The firm has a market cap of $146.09 billion and a PE ratio of 10.95. The stock has a fifty day moving average price of $108.57 and a 200 day moving average price of $119.59.

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.