Zurcher Kantonalbank Zurich Cantonalbank Buys 122,530 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in PDD Holdings Inc. (NASDAQ:PDD) by 59.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 328,772 shares of the company’s stock after acquiring an additional 122,530 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in PDD were worth $48,103,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Wealth Alliance bought a new stake in shares of PDD in the fourth quarter worth approximately $209,000. SVB Wealth LLC grew its stake in shares of PDD by 25.0% in the fourth quarter. SVB Wealth LLC now owns 4,427 shares of the company’s stock worth $648,000 after acquiring an additional 884 shares during the period. Mackenzie Financial Corp grew its stake in shares of PDD by 62.6% in the fourth quarter. Mackenzie Financial Corp now owns 48,923 shares of the company’s stock worth $7,158,000 after acquiring an additional 18,844 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of PDD by 1.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,468,849 shares of the company’s stock worth $214,907,000 after buying an additional 22,243 shares during the last quarter. Finally, Triasima Portfolio Management inc. purchased a new position in shares of PDD in the fourth quarter worth approximately $1,813,000. 29.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PDD shares. Jefferies Financial Group raised their price objective on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. JPMorgan Chase & Co. dropped their price objective on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, March 21st. Citigroup lifted their price target on shares of PDD from $170.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Benchmark lifted their price target on shares of PDD from $215.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Barclays lifted their price target on shares of PDD from $164.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.85.

PDD Trading Up 0.6 %

Shares of PDD opened at $114.22 on Wednesday. The company’s fifty day moving average is $123.16 and its 200 day moving average is $125.74. PDD Holdings Inc. has a fifty-two week low of $59.67 and a fifty-two week high of $152.99. The stock has a market capitalization of $150.72 billion, a PE ratio of 19.81, a P/E/G ratio of 0.30 and a beta of 0.67. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.83 and a current ratio of 1.93.

PDD (NASDAQ:PDD) last announced its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.81. PDD had a net margin of 24.23% and a return on equity of 39.10%. The company had revenue of $12.52 billion for the quarter, compared to analysts’ expectations of $11.80 billion. Sell-side analysts expect that PDD Holdings Inc. will post 7.85 earnings per share for the current fiscal year.

About PDD

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.