Dragoneer Investment Group LLC Purchases 1,827,853 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Dragoneer Investment Group LLC grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 48.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,572,094 shares of the company's stock after buying an additional 1,827,853 shares during the period. PDD accounts for 9.4% of Dragoneer Investment Group LLC's portfolio, making the stock its 3rd biggest holding. Dragoneer Investment Group LLC owned 0.40% of PDD worth $540,437,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in PDD in the 4th quarter worth approximately $812,246,000. Sanders Capital LLC bought a new stake in PDD in the 4th quarter worth approximately $499,972,000. FMR LLC increased its position in shares of PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. FIL Ltd increased its position in shares of PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after purchasing an additional 3,350,627 shares during the last quarter. Finally, Capital International Investors purchased a new position in PDD during the 4th quarter valued at $246,823,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PDD. JPMorgan Chase & Co. boosted their price objective on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Nomura restated a "neutral" rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group dropped their price objective on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Five research 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 stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Stock Up 7.2%

Shares of PDD traded up $7.90 during trading hours on Monday, hitting $117.55. The company had a trading volume of 10,919,808 shares, compared to its average volume of 11,163,227. The company's fifty day moving average price is $109.90 and its two-hundred day moving average price is $109.46. PDD Holdings Inc. has a one year low of $87.11 and a one year high of $164.69. The company has a market capitalization of $161.74 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

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.