Resona Asset Management Co. Ltd. Cuts Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Resona Asset Management Co. Ltd. trimmed its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 4.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 179,539 shares of the company’s stock after selling 8,408 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in PDD were worth $20,377,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Advisory Services Network LLC increased its position in shares of PDD by 0.7% during the third quarter. Advisory Services Network LLC now owns 15,458 shares of the company’s stock worth $2,043,000 after purchasing an additional 102 shares in the last quarter. West Family Investments Inc. increased its position in shares of PDD by 2.8% during the third quarter. West Family Investments Inc. now owns 4,026 shares of the company’s stock worth $532,000 after purchasing an additional 110 shares in the last quarter. Range Financial Group LLC increased its position in shares of PDD by 3.8% during the fourth quarter. Range Financial Group LLC now owns 3,620 shares of the company’s stock worth $410,000 after purchasing an additional 131 shares in the last quarter. Savant Capital LLC increased its position in shares of PDD by 5.2% during the third quarter. Savant Capital LLC now owns 3,079 shares of the company’s stock worth $407,000 after purchasing an additional 151 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of PDD by 4.3% during the fourth quarter. Fifth Third Bancorp now owns 3,649 shares of the company’s stock worth $414,000 after purchasing an additional 151 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PDD. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Nomura upgraded PDD from a “neutral” rating to a “buy” rating and set a $136.00 price target for the company in a research report on Friday, March 27th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Wednesday, January 28th. Finally, Arete Research upgraded PDD from a “neutral” rating to a “buy” rating and set a $121.00 price target for the company in a research report on Friday, April 17th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, PDD has an average rating of “Hold” and an average price target of $137.86.

PDD Stock Performance

NASDAQ PDD opened at $97.34 on Wednesday. The stock’s fifty day moving average is $100.13 and its two-hundred day moving average is $108.64. The firm has a market capitalization of $138.55 billion, a P/E ratio of 10.36, a price-to-earnings-growth ratio of 0.89 and a beta of 0.04. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $93.81 and a fifty-two week high of $139.41.

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.