Sagespring Wealth Partners LLC Buys Shares of 2,585 PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD)

Sagespring Wealth Partners LLC bought a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,585 shares of the company's stock, valued at approximately $306,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Retirement Partners LLC boosted its stake in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after buying an additional 498 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after acquiring an additional 132 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after acquiring an additional 249 shares in the last quarter. Jones Financial Companies Lllp increased its stake in PDD by 8.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after acquiring an additional 97 shares during the period. Finally, Generali Asset Management SPA SGR acquired a new position in PDD in the fourth quarter worth about $165,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Performance

PDD traded up $0.74 during mid-day trading on Monday, reaching $101.95. The stock had a trading volume of 4,704,725 shares, compared to its average volume of 11,048,556. The firm's fifty day simple moving average is $105.26 and its two-hundred day simple moving average is $108.43. The stock has a market capitalization of $141.93 billion, a P/E ratio of 10.97, a P/E/G ratio of 1.43 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67.

Analysts Set New Price Targets

Several brokerages recently commented on PDD. Macquarie reaffirmed an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Benchmark lowered their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Barclays downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday, June 1st. Nomura restated a "neutral" rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $112.00 price objective on shares of PDD in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $144.55.

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.