Shell Asset Management Co. Sells 7,884 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Shell Asset Management Co. cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 22.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,705 shares of the company’s stock after selling 7,884 shares during the quarter. Shell Asset Management Co.’s holdings in PDD were worth $3,530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in PDD in the 2nd quarter valued at about $962,785,000. Himalaya Capital Management LLC acquired a new position in shares of PDD in the second quarter valued at approximately $482,273,000. NetEase Inc. bought a new position in shares of PDD during the second quarter worth approximately $372,117,000. Orbis Allan Gray Ltd increased its stake in shares of PDD by 135.6% during the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock worth $591,091,000 after purchasing an additional 3,250,416 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in PDD by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock worth $3,352,859,000 after purchasing an additional 2,956,249 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

PDD opened at $100.28 on Friday. The firm has a market cap of $139.60 billion and a P/E ratio of 10.47. The business’s fifty day moving average is $109.81 and its 200-day moving average is $119.98. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Arete Research set a $130.00 price objective on PDD in a report on Tuesday, December 9th. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a research report on Tuesday, November 18th. Morgan Stanley set a $148.00 price target on shares of PDD in a research report on Thursday, January 15th. Bank of America dropped their price objective on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research note on Wednesday, November 19th. Finally, Wall Street Zen downgraded shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, PDD has an average rating of “Hold” and an average target price of $139.87.

About PDD

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.