Belpointe Asset Management LLC Boosts Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Belpointe Asset Management LLC grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 3.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,690 shares of the company’s stock after purchasing an additional 335 shares during the period. Belpointe Asset Management LLC’s holdings in PDD were worth $931,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PDD. Jones Financial Companies Lllp increased its stake in shares of PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after acquiring an additional 97 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares during the period. New York Life Investment Management LLC increased its stake in shares of PDD by 5.8% during the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock valued at $245,000 after purchasing an additional 139 shares in the last quarter. Cibc World Markets Corp increased its stake in shares of PDD by 1.1% during the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock valued at $1,435,000 after purchasing an additional 164 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after purchasing an additional 249 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Trading Down 0.7 %

Shares of PDD stock opened at $94.07 on Wednesday. The stock has a market capitalization of $129.43 billion, a P/E ratio of 9.19, a P/E/G ratio of 0.32 and a beta of 0.73. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm’s 50 day moving average is $115.93 and its 200 day moving average is $113.85. PDD Holdings Inc. has a 12-month low of $87.11 and a 12-month high of $164.69.

Wall Street Analysts Forecast Growth

PDD has been the topic of several recent research reports. Nomura Securities downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Nomura reissued a “neutral” rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Benchmark reaffirmed a “buy” rating and issued a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Jefferies Financial Group dropped their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Finally, Citigroup restated a “neutral” rating 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 given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, PDD presently has an average rating of “Moderate Buy” and an average price target of $169.91.

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.