PDD Holdings Inc. (NASDAQ:PDD) Stake Lifted by ProShare Advisors LLC

ProShare Advisors LLC increased its stake in PDD Holdings Inc. (NASDAQ:PDD) by 14.9% in the 4th quarter, HoldingsChannel reports. The fund owned 808,375 shares of the company’s stock after acquiring an additional 104,963 shares during the period. ProShare Advisors LLC’s holdings in PDD were worth $78,404,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Renaissance Technologies LLC boosted its holdings in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company’s stock valued at $91,898,000 after acquiring an additional 341,300 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in PDD during the fourth quarter worth approximately $4,685,000. Alberta Investment Management Corp boosted its holdings in PDD by 12.6% during the fourth quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock worth $18,434,000 after buying an additional 21,302 shares in the last quarter. Finally, Synergy Asset Management LLC boosted its holdings in PDD by 138.8% during the fourth quarter. Synergy Asset Management LLC now owns 205,740 shares of the company’s stock worth $19,955,000 after buying an additional 119,580 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Trading Down 0.9%

PDD stock opened at $117.84 on Friday. PDD Holdings Inc. has a 52 week low of $87.11 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market capitalization of $162.13 billion, a price-to-earnings ratio of 11.51, a P/E/G ratio of 0.32 and a beta of 0.57. The company has a 50 day moving average price of $109.84 and a 200 day moving average price of $109.50.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Citigroup upgraded shares of PDD from a “neutral” rating to a “buy” rating and raised their target price for the stock from $127.00 to $165.00 in a report on Monday. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Nomura restated a “neutral” rating and set a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark restated a “buy” rating and set a $160.00 target price on shares of PDD in a report on Friday, March 21st. Finally, Jefferies Financial Group decreased their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.00.

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.