Myriad Asset Management US LP Has $2.85 Million Holdings in PDD Holdings Inc. Sponsored ADR $PDD

Myriad Asset Management US LP reduced its holdings in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 44.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,535 shares of the company’s stock after selling 17,092 shares during the quarter. PDD comprises 1.5% of Myriad Asset Management US LP’s holdings, making the stock its 15th largest holding. Myriad Asset Management US LP’s holdings in PDD were worth $2,846,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. iA Global Asset Management Inc. increased its holdings in PDD by 4.6% during the 3rd quarter. iA Global Asset Management Inc. now owns 84,640 shares of the company’s stock worth $11,187,000 after purchasing an additional 3,730 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in PDD during the 3rd quarter worth approximately $18,311,000. Freemont Capital Pte Ltd raised its holdings in shares of PDD by 12.9% in the 3rd quarter. Freemont Capital Pte Ltd now owns 35,000 shares of the company’s stock valued at $4,626,000 after acquiring an additional 4,000 shares in the last quarter. Resonant Capital Advisors LLC bought a new stake in shares of PDD during the 3rd quarter worth $223,000. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of PDD by 33.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 6,531 shares of the company’s stock valued at $863,000 after buying an additional 1,653 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Up 0.1%

PDD opened at $106.02 on Friday. The stock’s fifty day moving average is $114.39 and its two-hundred day moving average is $120.62. 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 capitalization of $147.60 billion, a P/E ratio of 11.07, a PEG ratio of 0.99 and a beta of 0.02.

Analyst Ratings Changes

PDD has been the subject of a number of analyst reports. Sanford C. Bernstein set a $135.00 price objective on PDD in a research note on Tuesday, November 18th. Wall Street Zen lowered shares of PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Loop Capital set a $170.00 price objective on PDD in a report on Tuesday, January 6th. Zacks Research lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 27th. Finally, Citigroup reissued a “buy” rating on shares of PDD in a report on Tuesday. Five analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $139.87.

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.