IvyRock Asset Management HK Ltd Has $136.83 Million Holdings in PDD Holdings Inc. Sponsored ADR $PDD

IvyRock Asset Management HK Ltd reduced its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,035,249 shares of the company’s stock after selling 51,600 shares during the period. PDD comprises approximately 58.8% of IvyRock Asset Management HK Ltd’s holdings, making the stock its largest position. IvyRock Asset Management HK Ltd owned approximately 0.07% of PDD worth $136,829,000 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. Westside Investment Management Inc. boosted its position in shares of PDD by 398.0% during the second quarter. Westside Investment Management Inc. now owns 249 shares of the company’s stock valued at $26,000 after buying an additional 199 shares during the last quarter. Assetmark Inc. lifted its stake in PDD by 314.4% during the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after acquiring an additional 305 shares during the period. Global Retirement Partners LLC lifted its stake in PDD by 215.7% during the 3rd quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock valued at $58,000 after acquiring an additional 302 shares during the period. EMC Capital Management purchased a new stake in shares of PDD during the 2nd quarter valued at about $52,000. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of PDD in the second quarter worth approximately $56,000. Institutional investors own 39.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Arete Research set a $130.00 price objective on shares of PDD in a research note on Tuesday, December 9th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Sanford C. Bernstein set a $135.00 price target on shares of PDD in a research note on Tuesday, November 18th. Finally, Loop Capital set a $170.00 price objective on PDD in a research note on Tuesday, January 6th. Four analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, PDD currently has an average rating of “Hold” and a consensus price target of $139.87.

PDD Stock Up 0.0%

NASDAQ:PDD opened at $106.90 on Thursday. The business’s 50-day simple moving average is $108.47 and its two-hundred day simple moving average is $119.48. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $139.41. The stock has a market cap of $148.82 billion and a PE ratio of 11.16.

PDD Company 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.