Resona Asset Management Co. Ltd. Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Resona Asset Management Co. Ltd. purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 169,086 shares of the company’s stock, valued at approximately $16,411,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PDD. Nisa Investment Advisors LLC acquired a new stake in PDD in the 4th quarter worth $39,000. Brooklyn Investment Group grew its position in PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after buying an additional 405 shares in the last quarter. Global Retirement Partners LLC increased its stake 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 acquiring an additional 498 shares during the period. Farther Finance Advisors LLC lifted its position in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after acquiring an additional 132 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after purchasing an additional 249 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Down 8.3 %

NASDAQ PDD opened at $104.21 on Friday. The stock’s 50 day simple moving average is $119.14 and its 200 day simple moving average is $114.99. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The firm has a market cap of $143.38 billion, a PE ratio of 10.18, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Jefferies Financial Group decreased their target price on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Benchmark restated a “buy” rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Finally, Nomura reiterated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

PDD 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.