TD Asset Management Inc Cuts Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

TD Asset Management Inc decreased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 10.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,816 shares of the company’s stock after selling 11,610 shares during the period. TD Asset Management Inc’s holdings in PDD were worth $12,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Arete Research set a $130.00 price objective on PDD in a report on Tuesday, December 9th. Citigroup restated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Loop Capital set a $170.00 price objective on PDD in a research report on Tuesday, January 6th. Bank of America dropped their target price on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Finally, Sanford C. Bernstein set a $135.00 price target on PDD in a report on Tuesday, November 18th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $139.87.

PDD Stock Down 1.6%

Shares of PDD stock opened at $103.73 on Monday. The firm has a market cap of $144.41 billion, a PE ratio of 10.83, a price-to-earnings-growth ratio of 0.95 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41. The business’s fifty day simple moving average is $108.35 and its 200-day simple moving average is $119.36.

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.