Mackenzie Financial Corp Grows Stock Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Mackenzie Financial Corp lifted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 2.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 371,390 shares of the company’s stock after acquiring an additional 10,236 shares during the quarter. Mackenzie Financial Corp’s holdings in PDD were worth $49,087,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Focus Partners Wealth grew its stake in PDD by 352.8% in the first quarter. Focus Partners Wealth now owns 9,939 shares of the company’s stock worth $1,176,000 after purchasing an additional 7,744 shares in the last quarter. Intech Investment Management LLC raised its position in PDD by 2.7% during the 1st quarter. Intech Investment Management LLC now owns 14,890 shares of the company’s stock valued at $1,762,000 after purchasing an additional 395 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of PDD by 6.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,559 shares of the company’s stock worth $2,152,000 after buying an additional 1,186 shares during the period. Savant Capital LLC lifted its holdings in shares of PDD by 65.1% in the 2nd quarter. Savant Capital LLC now owns 2,928 shares of the company’s stock worth $306,000 after buying an additional 1,155 shares during the period. Finally, AE Wealth Management LLC grew its position in shares of PDD by 32.3% during the 2nd quarter. AE Wealth Management LLC now owns 8,213 shares of the company’s stock worth $860,000 after buying an additional 2,004 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDD. Bank of America cut their price target on PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 19th. Morgan Stanley set a $148.00 target price on shares of PDD in a report on Thursday, January 15th. Arete Research set a $130.00 target price on shares of PDD in a research report on Tuesday, December 9th. Sanford C. Bernstein set a $135.00 price target on shares of PDD in a report on Tuesday, November 18th. Finally, Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Four research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $139.87.

PDD Trading Down 1.3%

PDD opened at $101.62 on Friday. The firm has a market cap of $141.47 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 0.91 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $139.41. The stock has a fifty day moving average price of $106.31 and a 200-day moving average price of $118.26.

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.