Morningstar Investment Management LLC Invests $1.47 Million in PDD Holdings Inc. Sponsored ADR $PDD

Morningstar Investment Management LLC purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the second quarter, HoldingsChannel reports. The firm purchased 14,071 shares of the company’s stock, valued at approximately $1,473,000.

A number of other hedge funds have also modified their holdings of the business. Focus Financial Network Inc. grew its position in PDD by 4.3% in the 2nd quarter. Focus Financial Network Inc. now owns 2,376 shares of the company’s stock valued at $249,000 after acquiring an additional 97 shares in the last quarter. Gunderson Capital Management Inc. grew its position in PDD by 5.5% in the 2nd quarter. Gunderson Capital Management Inc. now owns 1,944 shares of the company’s stock valued at $203,000 after acquiring an additional 101 shares in the last quarter. Signaturefd LLC grew its position in PDD by 1.3% in the 1st quarter. Signaturefd LLC now owns 8,957 shares of the company’s stock valued at $1,060,000 after acquiring an additional 119 shares in the last quarter. Advisors Asset Management Inc. grew its position in PDD by 2.8% in the 1st quarter. Advisors Asset Management Inc. now owns 5,279 shares of the company’s stock valued at $625,000 after acquiring an additional 146 shares in the last quarter. Finally, Lindbrook Capital LLC grew its position in PDD by 11.5% in the 1st quarter. Lindbrook Capital LLC now owns 1,930 shares of the company’s stock valued at $228,000 after acquiring an additional 199 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD opened at $127.55 on Tuesday. The stock has a 50-day simple moving average of $125.06 and a 200-day simple moving average of $112.69. The stock has a market capitalization of $177.57 billion, a PE ratio of 13.83, a PEG ratio of 1.47 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $142.39.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays lifted their target price on PDD from $158.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. Citigroup reaffirmed a “buy” rating on shares of PDD in a research report on Monday, August 25th. Zacks Research raised PDD from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 29th. New Street Research downgraded PDD from a “buy” rating to a “neutral” rating and set a $120.00 target price for the company. in a research report on Tuesday, August 26th. Finally, Macquarie set a $165.00 target price on PDD and gave the company an “outperform” rating in a research report on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $137.82.

PDD Profile

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.