Fisher Asset Management LLC Reduces Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

by · The Cerbat Gem

Fisher Asset Management LLC reduced its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Free Report) by 11.4% during the second quarter, Holdings Channel reports. The firm owned 564,144 shares of the company’s stock after selling 72,670 shares during the quarter. Fisher Asset Management LLC’s holdings in PDD were worth $59,043,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of PDD by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock valued at $3,352,859,000 after purchasing an additional 2,956,249 shares in the last quarter. Norges Bank purchased a new stake in PDD in the second quarter worth about $962,785,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in PDD by 899.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,985,969 shares of the company’s stock valued at $1,063,489,000 after acquiring an additional 8,086,620 shares in the last quarter. Sanders Capital LLC boosted its position in PDD by 21.5% during the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after acquiring an additional 1,508,445 shares in the last quarter. Finally, H&H International Investment LLC grew its holdings in shares of PDD by 7.3% during the 1st quarter. H&H International Investment LLC now owns 7,753,900 shares of the company’s stock worth $917,674,000 after acquiring an additional 525,200 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Price Performance

Shares of NASDAQ:PDD opened at $118.27 on Tuesday. The business has a fifty day moving average price of $129.34 and a 200-day moving average price of $118.70. The company has a market capitalization of $164.65 billion, a PE ratio of 12.35, a PEG ratio of 1.37 and a beta of 0.08. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $139.41.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PDD. Macquarie set a $165.00 target price on PDD and gave the company an “outperform” rating in a research note on Monday, August 25th. Bank of America decreased 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. Jefferies Financial Group set a $146.00 target price on shares of PDD and gave the company a “buy” rating in a report on Monday, August 25th. Barclays upped their target price on shares of PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 26th. Finally, Citigroup reissued a “buy” rating on shares of PDD in a research report on Monday, August 25th. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $137.50.

Check Out Our Latest Report on PDD

About PDD

(Free Report)

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.

Featured Articles

Want to see what other hedge funds are holding PDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD – Free Report).