IvyRock Asset Management HK Ltd Reduces Holdings in PDD Holdings Inc. Sponsored ADR $PDD

IvyRock Asset Management HK Ltd reduced its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 991,509 shares of the company’s stock after selling 43,740 shares during the quarter. PDD makes up about 59.3% of IvyRock Asset Management HK Ltd’s portfolio, making the stock its largest holding. IvyRock Asset Management HK Ltd’s holdings in PDD were worth $112,427,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PDD. GAMMA Investing LLC boosted its position in shares of PDD by 595.0% in the 4th quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock worth $32,000 after purchasing an additional 238 shares in the last quarter. Binnacle Investments Inc boosted its position in shares of PDD by 281.7% in the 3rd quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock worth $36,000 after purchasing an additional 200 shares in the last quarter. Wexford Capital LP bought a new stake in shares of PDD in the 3rd quarter worth approximately $44,000. Assetmark Inc. boosted its position 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 purchasing an additional 305 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of PDD by 720.4% in the 3rd quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock worth $53,000 after purchasing an additional 353 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Barclays lowered shares of PDD from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $165.00 to $89.00 in a report on Thursday, May 28th. Benchmark decreased their price objective on shares of PDD from $160.00 to $127.00 and set a “buy” rating for the company in a report on Thursday, May 28th. The Goldman Sachs Group restated a “buy” rating on shares of PDD in a report on Thursday, May 28th. Arete Research upgraded shares of PDD from a “neutral” rating to a “buy” rating and set a $121.00 price objective for the company in a report on Friday, April 17th. Finally, Sanford C. Bernstein decreased their price objective on shares of PDD from $132.00 to $110.00 and set a “market perform” rating for the company in a report on Wednesday, May 27th. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $131.33.

PDD Stock Up 0.6%

Shares of NASDAQ PDD opened at $85.88 on Friday. PDD Holdings Inc. Sponsored ADR has a twelve month low of $81.56 and a twelve month high of $139.41. The firm has a market cap of $122.24 billion, a P/E ratio of 9.27, a PEG ratio of 0.80 and a beta of -0.02. The company has a 50 day moving average of $97.55 and a 200 day moving average of $104.82.

PDD (NASDAQ:PDD) last announced its earnings results on Friday, May 15th. The company reported $0.34 earnings per share for the quarter. The business had revenue of $15.41 million during the quarter. PDD had a net margin of 21.86% and a return on equity of 24.32%. As a group, equities analysts expect that PDD Holdings Inc. Sponsored ADR will post 10.98 earnings per share for the current fiscal year.

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.