PDD Holdings Inc. (NASDAQ:PDD) Shares Purchased by Wasatch Advisors LP

Wasatch Advisors LP boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 24.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 303,329 shares of the company’s stock after buying an additional 59,592 shares during the period. Wasatch Advisors LP’s holdings in PDD were worth $40,892,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PDD. Vinva Investment Management Ltd acquired a new position in shares of PDD in the 3rd quarter valued at about $243,000. Financial Counselors Inc. acquired a new position in shares of PDD in the 3rd quarter valued at about $264,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares in the last quarter. Public Sector Pension Investment Board lifted its stake in shares of PDD by 6.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 343,994 shares of the company’s stock valued at $46,374,000 after purchasing an additional 22,300 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of PDD by 6.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 363,958 shares of the company’s stock valued at $49,065,000 after purchasing an additional 21,348 shares in the last quarter. 29.07% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

PDD stock opened at $96.56 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock’s 50 day moving average is $123.25 and its two-hundred day moving average is $128.33. The company has a market capitalization of $132.85 billion, a PE ratio of 9.43, a P/E/G ratio of 0.28 and a beta of 0.71.

Analyst Ratings Changes

PDD has been the topic of several research analyst reports. Sanford C. Bernstein reduced their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Daiwa America raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark reduced their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Jefferies Financial Group reduced their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, PDD has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

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.