Myriad Asset Management US LP Invests $4.50 Million in PDD Holdings Inc. (NASDAQ:PDD)

Myriad Asset Management US LP purchased a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 37,990 shares of the company's stock, valued at approximately $4,496,000. PDD accounts for about 1.9% of Myriad Asset Management US LP's portfolio, making the stock its 8th largest position.

Several other institutional investors have also added to or reduced their stakes in PDD. Global Retirement Partners LLC raised its stake in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC increased its stake in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after purchasing an additional 132 shares in the last quarter. EverSource Wealth Advisors LLC raised 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 purchasing an additional 249 shares during the period. Stephens Consulting LLC purchased a new position in shares of PDD during the 4th quarter valued at $97,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of PDD by 8.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after buying an additional 97 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent analyst reports. Macquarie reissued an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. Citigroup raised PDD from a "neutral" rating to a "buy" rating and lifted their target price for the company from $127.00 to $165.00 in a research note on Monday, May 12th. Benchmark dropped their price target on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Barclays lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Sunday. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $112.00 target price on shares of PDD in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, PDD presently has an average rating of "Moderate Buy" and an average target price of $144.55.

PDD Price Performance

Shares of NASDAQ:PDD traded down $0.32 on Thursday, reaching $99.33. The company's stock had a trading volume of 7,617,925 shares, compared to its average volume of 11,087,487. The company has a 50-day simple moving average of $105.47 and a 200 day simple moving average of $108.48. 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 $138.28 billion, a P/E ratio of 9.70, a PEG ratio of 0.32 and a beta of 0.57. PDD Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $155.67.

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.