Newbridge Financial Services Group Inc. Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Newbridge Financial Services Group Inc. purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,300 shares of the company’s stock, valued at approximately $126,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PDD. CWM LLC grew its stake in PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after acquiring an additional 169 shares during the period. Vontobel Holding Ltd. lifted its holdings in shares of PDD by 13.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares in the last quarter. Naviter Wealth LLC grew its position in shares of PDD by 2.8% in the 3rd quarter. Naviter Wealth LLC now owns 15,946 shares of the company’s stock valued at $2,150,000 after purchasing an additional 440 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in PDD by 5.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,113 shares of the company’s stock worth $10,261,000 after purchasing an additional 3,641 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in PDD by 94.7% during the 3rd quarter. Blue Trust Inc. now owns 4,585 shares of the company’s stock worth $610,000 after buying an additional 2,230 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Benchmark reduced their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Price Performance

NASDAQ:PDD opened at $114.27 on Monday. The stock’s 50-day simple moving average is $102.90 and its 200 day simple moving average is $114.46. PDD Holdings Inc. has a 52-week low of $88.01 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 company has a market cap of $157.22 billion, a P/E ratio of 11.16, a P/E/G ratio of 0.29 and a beta of 0.67.

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.