Carrhae Capital LLP Sells 116,671 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Carrhae Capital LLP trimmed its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 23.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 386,924 shares of the company’s stock after selling 116,671 shares during the period. PDD makes up about 3.0% of Carrhae Capital LLP’s investment portfolio, making the stock its 11th largest holding. Carrhae Capital LLP’s holdings in PDD were worth $51,140,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. First Affirmative Financial Network lifted its holdings in shares of PDD by 10.8% during the third quarter. First Affirmative Financial Network now owns 2,362 shares of the company’s stock valued at $312,000 after purchasing an additional 231 shares in the last quarter. Danske Bank A S bought a new stake in PDD in the 3rd quarter worth about $14,236,000. Advisory Services Network LLC increased its holdings in PDD by 0.7% in the 3rd quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock worth $2,043,000 after buying an additional 102 shares in the last quarter. Johns Hopkins University purchased a new position in PDD in the 3rd quarter worth about $1,862,000. Finally, Central Asset Investments & Management Holdings HK Ltd purchased a new position in PDD in the 3rd quarter worth about $5,069,000. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Morgan Stanley set a $148.00 price target on shares of PDD in a report on Thursday, January 15th. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. 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 report on Wednesday, January 28th. Finally, Arete Research set a $130.00 target price on shares of PDD in a research note on Tuesday, December 9th. Four analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $139.87.

PDD Stock Up 0.5%

PDD stock opened at $104.37 on Wednesday. PDD Holdings Inc. Sponsored ADR has a 52-week low of $87.11 and a 52-week high of $139.41. The company has a market cap of $145.30 billion, a P/E ratio of 10.89, a P/E/G ratio of 0.92 and a beta of -0.01. The business has a 50-day simple moving average of $105.38 and a two-hundred day simple moving average of $117.77.

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.