Vanguard Group Inc. Purchases 348,997 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Vanguard Group Inc. boosted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,384,722 shares of the company’s stock after acquiring an additional 348,997 shares during the quarter. Vanguard Group Inc.’s holdings in PDD were worth $4,280,289,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Westside Investment Management Inc. increased its position in shares of PDD by 398.0% during the 2nd quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after purchasing an additional 199 shares during the last quarter. Assetmark Inc. grew its position in PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after buying an additional 305 shares during the period. Global Retirement Partners LLC grew its position in PDD by 215.7% during the third quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after buying an additional 302 shares during the period. EMC Capital Management purchased a new stake in PDD during the second quarter valued at approximately $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in PDD in the second quarter worth approximately $56,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PDD has been the subject of a number of recent research reports. Bank of America cut their price objective on shares of PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday, November 19th. Sanford C. Bernstein set a $135.00 price target on PDD in a report on Tuesday, November 18th. Zacks Research cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Morgan Stanley set a $148.00 price objective on PDD in a research report on Thursday, January 15th. Finally, Citigroup reissued a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $139.87.

PDD Stock Up 1.5%

NASDAQ PDD opened at $101.83 on Wednesday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $87.11 and a twelve month high of $139.41. The business has a 50-day moving average price of $109.16 and a 200-day moving average price of $119.88. The firm has a market cap of $141.76 billion and a price-to-earnings ratio of 10.63.

PDD Company 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.