Handelsbanken Fonder AB Boosts Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Handelsbanken Fonder AB boosted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 3.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 373,216 shares of the company’s stock after purchasing an additional 10,897 shares during the period. Handelsbanken Fonder AB’s holdings in PDD were worth $36,198,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Alberta Investment Management Corp grew its stake in shares of PDD by 12.6% during the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock worth $18,434,000 after purchasing an additional 21,302 shares during the period. Global Retirement Partners LLC grew its position in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after buying an additional 498 shares during the period. Capital Today Evergreen Fund L.P. increased its holdings in PDD by 60.1% in the fourth quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company’s stock valued at $241,853,000 after buying an additional 935,854 shares in the last quarter. CIBC Asset Management Inc increased its holdings in PDD by 1.8% in the fourth quarter. CIBC Asset Management Inc now owns 127,820 shares of the company’s stock valued at $12,397,000 after buying an additional 2,301 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. acquired a new position in shares of PDD in the fourth quarter worth about $2,066,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PDD. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Benchmark dropped their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Trading Down 0.0 %

Shares of PDD opened at $124.41 on Friday. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock has a market cap of $171.17 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 0.33 and a beta of 0.67. The firm’s fifty day moving average is $106.54 and its two-hundred day moving average is $114.17. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

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.