Rhumbline Advisers Sells 11,871 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Rhumbline Advisers decreased its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 12.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,262 shares of the company’s stock after selling 11,871 shares during the quarter. Rhumbline Advisers’ holdings in PDD were worth $10,327,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cetera Investment Advisers increased its stake in PDD by 13.0% during the 4th quarter. Cetera Investment Advisers now owns 11,154 shares of the company’s stock worth $1,082,000 after acquiring an additional 1,280 shares during the period. Ensign Peak Advisors Inc raised its position in shares of PDD by 12.3% in the 4th quarter. Ensign Peak Advisors Inc now owns 66,400 shares of the company’s stock valued at $6,440,000 after buying an additional 7,250 shares in the last quarter. Janus Henderson Group PLC lifted its stake in PDD by 357.3% during the fourth quarter. Janus Henderson Group PLC now owns 455,266 shares of the company’s stock worth $44,157,000 after purchasing an additional 355,712 shares during the last quarter. Nuveen Asset Management LLC grew its position in PDD by 6.3% in the fourth quarter. Nuveen Asset Management LLC now owns 2,871,522 shares of the company’s stock valued at $278,509,000 after acquiring an additional 170,268 shares during the last quarter. Finally, Newlands Management Operations LLC acquired a new position in PDD during the 4th quarter worth approximately $527,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $124.68 on Thursday. The stock has a market capitalization of $173.57 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 1.49 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $155.67. The company’s 50-day moving average is $115.46 and its 200-day moving average is $111.30.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PDD shares. Zacks Research raised PDD from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 29th. New Street Research lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $120.00 price target for the company. in a report on Tuesday, August 26th. JPMorgan Chase & Co. dropped their target price on shares of PDD from $125.00 to $105.00 and set a “neutral” rating on the stock in a report on Wednesday, May 28th. Macquarie set a $165.00 price target on PDD and gave the stock an “outperform” rating in a report on Monday, August 25th. Finally, China Renaissance reissued a “hold” rating and issued a $107.00 price objective on shares of PDD in a research report on Wednesday, May 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.82.

About PDD

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.