Public Sector Pension Investment Board Sells 33,900 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Public Sector Pension Investment Board cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 7.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 411,930 shares of the company’s stock after selling 33,900 shares during the period. Public Sector Pension Investment Board’s holdings in PDD were worth $54,445,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PDD. Allegheny Financial Group raised its stake in PDD by 15.8% in the third quarter. Allegheny Financial Group now owns 2,352 shares of the company’s stock valued at $311,000 after purchasing an additional 321 shares in the last quarter. Caprock Group LLC bought a new position in PDD in the 3rd quarter valued at about $674,000. Rhumbline Advisers raised its position in shares of PDD by 7.5% in the 3rd quarter. Rhumbline Advisers now owns 76,203 shares of the company’s stock valued at $10,072,000 after buying an additional 5,324 shares in the last quarter. Arista Wealth Management LLC bought a new stake in shares of PDD during the 3rd quarter worth approximately $304,000. Finally, Profund Advisors LLC boosted its position in shares of PDD by 6.7% during the 3rd quarter. Profund Advisors LLC now owns 92,506 shares of the company’s stock worth $12,227,000 after acquiring an additional 5,824 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Down 4.2%

Shares of PDD opened at $100.22 on Friday. The stock has a market cap of $139.52 billion and a PE ratio of 10.46. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41. The business has a 50-day simple moving average of $110.16 and a two-hundred day simple moving average of $120.07.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Sanford C. Bernstein set a $135.00 target price on PDD in a research note on Tuesday, November 18th. Zacks Research cut PDD from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Loop Capital set a $170.00 price objective on PDD in a research note on Tuesday, January 6th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Finally, Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $139.87.

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.