State of New Jersey Common Pension Fund D purchased a new position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 40,370 shares of the company's stock, valued at approximately $4,578,000.
Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of PDD by 595.0% during the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company's stock valued at $32,000 after acquiring an additional 238 shares in the last quarter. Binnacle Investments Inc grew its stake in shares of PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company's stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of PDD during the third quarter valued at about $44,000. Assetmark Inc. grew its stake in shares of PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company's stock valued at $53,000 after acquiring an additional 305 shares in the last quarter. Finally, Larson Financial Group LLC grew its stake in shares of PDD by 720.4% during the third quarter. Larson Financial Group LLC now owns 402 shares of the company's stock valued at $53,000 after acquiring an additional 353 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PDD has been the subject of several recent analyst reports. Citigroup restated a "neutral" rating on shares of PDD in a research note on Wednesday, January 28th. Arete Research upgraded PDD from a "neutral" rating to a "buy" rating and set a $121.00 target price for the company in a research note on Friday, April 17th. Morgan Stanley set a $148.00 target price on PDD in a research note on Thursday, January 15th. Loop Capital set a $170.00 target price on PDD in a research note on Tuesday, January 6th. Finally, Wall Street Zen downgraded PDD from a "buy" rating to a "hold" rating in a research note on Saturday, January 31st. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, PDD presently has an average rating of "Hold" and a consensus price target of $139.67.
Check Out Our Latest Analysis on PDD
PDD Stock Performance
Shares of PDD stock opened at $97.79 on Tuesday. The company's 50-day simple moving average is $101.41 and its 200-day simple moving average is $111.31. PDD Holdings Inc. Sponsored ADR has a one year low of $95.24 and a one year high of $139.41. The stock has a market capitalization of $136.14 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.93 and a beta of 0.04.
About PDD
(
Free Report)
PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.
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