Mitsubishi UFJ Asset Management Co. Ltd. Acquires 61,552 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 8.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 817,939 shares of the company’s stock after acquiring an additional 61,552 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in PDD were worth $108,107,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PDD. Westside Investment Management Inc. increased its position in shares of PDD by 398.0% in 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. EMC Capital Management purchased a new position in PDD in the 2nd quarter worth approximately $52,000. Assetmark Inc. increased its holdings in shares of PDD by 314.4% in the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock worth $53,000 after buying an additional 305 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of PDD during the 2nd quarter valued at $56,000. Finally, Global Retirement Partners LLC raised its position in shares of PDD by 215.7% during the 3rd quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after buying an additional 302 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD stock opened at $105.39 on Friday. The business has a 50-day moving average of $108.46 and a 200 day moving average of $119.38. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $139.41. The stock has a market capitalization of $146.72 billion and a PE ratio of 11.00.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Arete Research set a $130.00 target price on shares of PDD in a research report on Tuesday, December 9th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Bank of America cut their price objective on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Morgan Stanley set a $148.00 price objective on PDD in a report on Thursday, January 15th. Finally, Loop Capital set a $170.00 target price on PDD in a research report on Tuesday, January 6th. Four research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $139.87.

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.