PDD Holdings Inc. Sponsored ADR $PDD Stock Position Boosted by Russell Investments Group Ltd.

Russell Investments Group Ltd. grew its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 24.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 825,884 shares of the company’s stock after buying an additional 160,139 shares during the quarter. Russell Investments Group Ltd. owned about 0.06% of PDD worth $108,728,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PDD. Vanguard Group Inc. increased its stake in shares of PDD by 1.1% during the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after acquiring an additional 348,997 shares during the period. Norges Bank acquired a new position in shares of PDD during the 2nd quarter valued at $962,785,000. Sanders Capital LLC raised its stake in shares of PDD by 21.5% in the 2nd quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock worth $892,395,000 after buying an additional 1,508,445 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of PDD by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock worth $646,764,000 after buying an additional 240,627 shares in the last quarter. Finally, Krane Funds Advisors LLC lifted its holdings in shares of PDD by 25.5% in the third quarter. Krane Funds Advisors LLC now owns 6,139,072 shares of the company’s stock valued at $792,431,000 after buying an additional 1,247,634 shares during the period. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Up 0.7%

PDD opened at $102.64 on Tuesday. The firm has a market cap of $142.89 billion, a PE ratio of 10.71, a P/E/G ratio of 0.90 and a beta of -0.01. The business has a fifty day simple moving average of $106.94 and a 200-day simple moving average of $118.64. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $139.41.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PDD. 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 note on Wednesday, November 19th. Sanford C. Bernstein set a $135.00 price target on shares of PDD in a report on Tuesday, November 18th. Loop Capital set a $170.00 price objective on shares of PDD in a research report on Tuesday, January 6th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research note on Wednesday, January 28th. Finally, Arete Research set a $130.00 target price on shares of PDD in a report on Tuesday, December 9th. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $139.87.

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.