Public Sector Pension Investment Board raised its position in PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 1.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 321,694 shares of the company’s stock after purchasing an additional 3,300 shares during the quarter. Public Sector Pension Investment Board’s holdings in PDD were worth $42,769,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the company. Future Financial Wealth Managment LLC bought a new position in PDD during the 1st quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new position in shares of PDD during the second quarter worth about $32,000. Richardson Financial Services Inc. lifted its stake in shares of PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after acquiring an additional 233 shares during the period. Strategic Financial Concepts LLC bought a new stake in PDD in the second quarter valued at approximately $40,000. Finally, Mather Group LLC. increased its position in PDD by 1,106.3% during the 2nd quarter. Mather Group LLC. now owns 386 shares of the company’s stock valued at $51,000 after purchasing an additional 354 shares during the period. 29.07% of the stock is owned by institutional investors and hedge funds.
PDD Trading Down 0.1 %
NASDAQ:PDD opened at $99.90 on Monday. The firm has a market cap of $137.45 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a 50-day moving average price of $119.97 and a two-hundred day moving average price of $128.53. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Macquarie lowered shares of PDD from an “outperform” rating to a “neutral” rating in a research note on Monday, August 26th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Barclays decreased their price target on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Bank of America lowered their target price on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their price objective on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $177.78.
PDD Company Profile
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.
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