57,023 Shares in PDD Holdings Inc. (NASDAQ:PDD) Purchased by Fairtree Asset Management Pty Ltd

Fairtree Asset Management Pty Ltd acquired a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 57,023 shares of the company's stock, valued at approximately $5,531,000. PDD makes up 5.3% of Fairtree Asset Management Pty Ltd's portfolio, making the stock its 2nd largest position.

Several other large investors have also bought and sold shares of PDD. Renaissance Technologies LLC increased its position in shares of PDD by 56.3% during the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock valued at $91,898,000 after purchasing an additional 341,300 shares during the last quarter. Baillie Gifford & Co. increased its position in shares of PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of PDD during the 4th quarter valued at $4,685,000. Alberta Investment Management Corp increased its position in shares of PDD by 12.6% during the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock valued at $18,434,000 after purchasing an additional 21,302 shares during the last quarter. Finally, Synergy Asset Management LLC increased its position in shares of PDD by 138.8% during the 4th quarter. Synergy Asset Management LLC now owns 205,740 shares of the company's stock valued at $19,955,000 after purchasing an additional 119,580 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on PDD. Benchmark decreased their price objective on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday. Jefferies Financial Group set a $121.00 price objective on PDD and gave the stock a "buy" rating in a report on Tuesday. Citigroup raised PDD from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Nomura reissued a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Down 1.6%

PDD stock traded down $1.56 on Friday, hitting $96.73. 17,167,316 shares of the stock traded hands, compared to its average volume of 11,094,873. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $134.66 billion, a P/E ratio of 9.45, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The business's fifty day simple moving average is $106.92 and its 200 day simple moving average is $108.79. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year 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.