Appaloosa LP Purchases 55,000 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Appaloosa LP grew its position in PDD Holdings Inc. (NASDAQ:PDD) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,356,132 shares of the company’s stock after purchasing an additional 55,000 shares during the period. PDD comprises about 8.1% of Appaloosa LP’s portfolio, making the stock its 3rd largest position. Appaloosa LP’s holdings in PDD were worth $519,491,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Baillie Gifford & Co. raised its holdings in PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. FMR LLC raised its holdings in shares of PDD by 8.6% during the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after acquiring an additional 1,654,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after acquiring an additional 12,253,589 shares during the period. Geode Capital Management LLC raised its holdings in shares of PDD by 12.3% during the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after acquiring an additional 513,248 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. raised its holdings in shares of PDD by 2.6% during the fourth quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 4,635,519 shares of the company’s stock worth $449,599,000 after acquiring an additional 117,733 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PDD has been the topic of a number of research analyst reports. Jefferies Financial Group dropped their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Benchmark dropped their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Stock Down 0.1 %

PDD stock opened at $117.86 on Thursday. The company has a fifty day simple moving average of $111.92 and a 200 day simple moving average of $111.76. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a market cap of $162.16 billion, a P/E ratio of 11.51, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The company has a current ratio of 2.15, a quick 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.