Resona Asset Management Co. Ltd. Sells 6,326 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Resona Asset Management Co. Ltd. decreased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 3.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 187,947 shares of the company’s stock after selling 6,326 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in PDD were worth $24,802,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PDD. Westside Investment Management Inc. boosted its holdings in PDD by 398.0% during 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. Ameritas Advisory Services LLC purchased a new stake in PDD in the 2nd quarter valued at about $28,000. Global Retirement Partners LLC lifted 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 worth $58,000 after buying an additional 302 shares in the last quarter. EMC Capital Management purchased a new position in shares of PDD in the 2nd quarter worth approximately $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of PDD in the 2nd quarter worth approximately $56,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wall Street Zen raised PDD from a “hold” rating to a “buy” rating in a research report on Friday. Bank of America decreased their target price on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a research report on Wednesday, November 19th. Loop Capital set a $170.00 price target on shares of PDD in a report on Tuesday, January 6th. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research report on Wednesday, October 8th. Finally, Arete Research set a $130.00 price objective on shares of PDD in a research report on Tuesday, December 9th. Five equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $139.87.

PDD Stock Performance

Shares of PDD opened at $106.38 on Friday. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41. The business has a 50-day moving average of $113.90 and a 200 day moving average of $120.73. The firm has a market cap of $148.10 billion, a P/E ratio of 11.10, a price-to-earnings-growth ratio of 0.99 and a beta of 0.02.

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.