ABN AMRO Bank N.V. Purchases New Position in PDD Holdings Inc. Sponsored ADR $PDD

ABN AMRO Bank N.V. acquired a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,738 shares of the company’s stock, valued at approximately $1,019,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in PDD during the 2nd quarter valued at $962,785,000. Himalaya Capital Management LLC bought a new stake in PDD in the 2nd quarter worth about $482,273,000. NetEase Inc. bought a new stake in PDD in the 2nd quarter worth about $372,117,000. Orbis Allan Gray Ltd increased its stake in PDD by 135.6% in the 2nd quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after buying an additional 3,250,416 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of PDD by 10.2% during the 2nd quarter. Vanguard Group Inc. now owns 32,035,725 shares of the company’s stock worth $3,352,859,000 after buying an additional 2,956,249 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PDD shares. Bank of America reduced their target price on PDD from $141.00 to $140.00 and set a “neutral” rating for the company in a report on Wednesday, November 19th. Morgan Stanley set a $148.00 price objective on PDD in a research note on Thursday, January 15th. Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Loop Capital set a $170.00 price target on shares of PDD in a report on Tuesday, January 6th. Finally, Citigroup restated a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Four analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, PDD presently has a consensus rating of “Hold” and an average target price of $139.87.

PDD Stock Performance

Shares of PDD opened at $101.52 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 $111.48 and a 200 day moving average of $120.49. The firm has a market cap of $141.33 billion and a P/E ratio of 10.60.

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.