Bank of New York Mellon Corp Reduces Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Bank of New York Mellon Corp lessened its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 6.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,738,478 shares of the company’s stock after selling 122,053 shares during the quarter. Bank of New York Mellon Corp’s holdings in PDD were worth $229,775,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Gunderson Capital Management Inc. grew its holdings 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 buying an additional 101 shares in the last quarter. Lido Advisors LLC grew its holdings in shares of PDD by 4.6% in the second quarter. Lido Advisors LLC now owns 2,633 shares of the company’s stock valued at $276,000 after purchasing an additional 115 shares during the period. Range Financial Group LLC grew its holdings in shares of PDD by 3.4% in the third quarter. Range Financial Group LLC now owns 3,489 shares of the company’s stock valued at $461,000 after purchasing an additional 116 shares during the period. Westside Investment Management Inc. increased its position in PDD by 398.0% during the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock worth $26,000 after purchasing an additional 199 shares during the last quarter. Finally, Bridgewater Advisors Inc. raised its stake in PDD by 10.8% during the second quarter. Bridgewater Advisors Inc. now owns 2,367 shares of the company’s stock worth $273,000 after purchasing an additional 230 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PDD. Zacks Research downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Bank of America lowered their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday, November 19th. Loop Capital set a $170.00 target price on PDD in a research report on Tuesday, January 6th. Arete Research set a $130.00 price target on PDD in a research note on Tuesday, December 9th. Finally, Citigroup reissued a “neutral” rating on shares of PDD in a research report on Wednesday. Four analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, PDD currently has a consensus rating of “Hold” and an average price target of $139.87.

PDD Price Performance

Shares of PDD stock opened at $101.05 on Friday. The stock has a market capitalization of $140.68 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 0.94 and a beta of 0.02. The business has a 50-day moving average of $112.45 and a 200 day moving average of $120.60. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $139.41.

PDD 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.