Step Capital Management Pte. Ltd. Takes $8.50 Million Position in PDD Holdings Inc. Sponsored ADR $PDD

Step Capital Management Pte. Ltd. bought a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 75,000 shares of the company’s stock, valued at approximately $8,504,000. PDD accounts for approximately 3.9% of Step Capital Management Pte. Ltd.’s portfolio, making the stock its 6th biggest holding.

A number of other institutional investors have also made changes to their positions in PDD. Assenagon Asset Management S.A. raised its stake in PDD by 305.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 6,728,909 shares of the company’s stock valued at $762,991,000 after acquiring an additional 5,070,827 shares during the period. Himalaya Capital Management LLC bought a new position in PDD during the second quarter worth $482,273,000. NetEase Inc. acquired a new position in shares of PDD in the second quarter valued at $372,117,000. Orbis Allan Gray Ltd increased its holdings in shares of PDD by 135.6% in the second quarter. Orbis Allan Gray Ltd now owns 5,647,728 shares of the company’s stock valued at $591,091,000 after purchasing an additional 3,250,416 shares during the last quarter. Finally, Aspex Management HK Ltd bought a new position in shares of PDD in the third quarter valued at about $419,287,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Arete Research set a $130.00 target price on shares of PDD in a research note on Tuesday, December 9th. Morgan Stanley set a $148.00 price target on shares of PDD in a report on Thursday, January 15th. Loop Capital set a $170.00 price objective on shares of PDD in a research report on Tuesday, January 6th. Nomura raised PDD from a “neutral” rating to a “buy” rating and set a $136.00 target price on the stock in a research report on Friday, March 27th. Finally, Wall Street Zen lowered PDD from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Five research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $140.27.

PDD Stock Performance

PDD stock opened at $100.87 on Monday. 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 $140.43 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 0.95 and a beta of 0.07. The company’s 50-day simple moving average is $102.38 and its 200 day simple moving average is $115.39.

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.