Assenagon Asset Management S.A. Has $570.58 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Assenagon Asset Management S.A. boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 26.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,821,146 shares of the company's stock after buying an additional 998,132 shares during the quarter. PDD accounts for about 1.0% of Assenagon Asset Management S.A.'s investment portfolio, making the stock its 14th largest position. Assenagon Asset Management S.A. owned approximately 0.35% of PDD worth $570,583,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Global Retirement Partners LLC grew its position 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 purchasing an additional 498 shares in the last quarter. Farther Finance Advisors LLC grew its position in 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 purchasing an additional 132 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after purchasing an additional 249 shares in the last quarter. Jones Financial Companies Lllp grew its position in PDD by 8.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after purchasing an additional 97 shares in the last quarter. Finally, Generali Asset Management SPA SGR purchased a new position in PDD during the 4th quarter worth approximately $165,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Down 2.8%

Shares of PDD stock traded down $2.85 on Friday, hitting $100.58. The company's stock had a trading volume of 7,187,561 shares, compared to its average volume of 11,091,620. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a fifty-two week low of $87.11 and a fifty-two week high of $155.67. The firm's fifty day moving average price is $104.26 and its 200-day moving average price is $108.17. The stock has a market capitalization of $140.02 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.32 and a beta of 0.42.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Barclays cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Sunday, June 1st. China Renaissance reissued a "hold" rating and set a $107.00 target price on shares of PDD in a research note on Wednesday, May 28th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 target price on shares of PDD in a research note on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the company a "buy" rating in a research note on Tuesday, May 27th. Finally, Citigroup raised shares of 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. Seven 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $144.55.

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.