Legal & General Group Plc Grows Position in PDD Holdings Inc. Sponsored ADR $PDD

Legal & General Group Plc boosted its stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,525,500 shares of the company’s stock after acquiring an additional 55,521 shares during the period. Legal & General Group Plc’s holdings in PDD were worth $598,134,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of PDD. EMC Capital Management purchased a new stake in PDD in the 2nd quarter worth $52,000. Assetmark Inc. boosted its holdings in shares of PDD by 314.4% during the 3rd quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after purchasing an additional 305 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of PDD during the second quarter valued at about $56,000. Global Retirement Partners LLC increased its holdings in shares of PDD by 215.7% in the third quarter. Global Retirement Partners LLC now owns 442 shares of the company’s stock worth $58,000 after purchasing an additional 302 shares during the last quarter. Finally, Westside Investment Management Inc. increased its holdings in shares of PDD by 79.9% in the third quarter. Westside Investment Management Inc. now owns 448 shares of the company’s stock worth $60,000 after purchasing an additional 199 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Trading Up 2.2%

Shares of NASDAQ PDD opened at $104.86 on Wednesday. The firm’s 50-day moving average price is $106.76 and its 200-day moving average price is $118.48. The stock has a market capitalization of $145.98 billion, a price-to-earnings ratio of 10.95, a P/E/G ratio of 0.90 and a beta of -0.01. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $139.41.

Wall Street Analysts Forecast Growth

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