Quantitative Investment Management LLC Purchases New Position in PDD Holdings Inc. Sponsored ADR $PDD

Quantitative Investment Management LLC acquired a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 34,077 shares of the company’s stock, valued at approximately $2,599,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Public Employees Retirement System of Ohio purchased a new stake in PDD during the 2nd quarter valued at $9,491,000. Freemont Capital Pte Ltd bought a new stake in shares of PDD in the 2nd quarter worth $1,138,632. Ramsey Quantitative Systems purchased a new position in shares of PDD in the second quarter worth $53,000. Wasatch Advisors LP purchased a new position in shares of PDD in the second quarter worth $3,658,000. Finally, Handelsbanken Fonder AB lifted its holdings in shares of PDD by 9.1% during the second quarter. Handelsbanken Fonder AB now owns 415,029 shares of the company’s stock valued at $31,658,000 after purchasing an additional 34,750 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

Shares of PDD stock opened at $85.69 on Monday. The company’s fifty day simple moving average is $85.07 and its two-hundred day simple moving average is $92.95. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $139.41. The stock has a market cap of $121.97 billion, a P/E ratio of 9.44, a PEG ratio of 0.65 and a beta of 0.01.

PDD (NASDAQ:PDD) last issued its earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. The firm had revenue of $16.54 billion for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. On average, analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PDD shares. Daiwa Securities Group reaffirmed a “hold” rating and set a $80.00 price objective on shares of PDD in a research report on Tuesday, June 23rd. Citigroup decreased their target price on PDD from $142.00 to $123.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Zacks Research upgraded shares of PDD from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $105.00 price target on shares of PDD in a report on Monday, August 24th. Finally, Barclays lowered shares of PDD from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $165.00 to $89.00 in a research note on Thursday, May 28th. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $117.17.

PDD Company 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.