California State Teachers Retirement System Buys 21,654,483 Shares of PDD Holdings Inc. Sponsored ADR $PDD

California State Teachers Retirement System increased its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 5,977.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,016,773 shares of the company's stock after purchasing an additional 21,654,483 shares during the quarter. California State Teachers Retirement System owned approximately 1.55% of PDD worth $1,679,439,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. H&H International Investment LLC grew its stake in shares of PDD by 71.2% in the 1st quarter. H&H International Investment LLC now owns 19,748,294 shares of the company's stock worth $2,017,881,000 after buying an additional 8,211,600 shares during the last quarter. Norges Bank purchased a new position in shares of PDD in the fourth quarter worth approximately $1,065,446,000. Geode Capital Management LLC grew its position in shares of PDD by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company's stock valued at $761,720,000 after acquiring an additional 359,921 shares during the period. Krane Funds Advisors LLC lifted its position in shares of PDD by 4.2% during the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company's stock valued at $725,465,000 after buying an additional 258,888 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of PDD by 94.6% in the first quarter. SG Americas Securities LLC now owns 6,301,820 shares of the company's stock worth $643,920,000 after purchasing an additional 3,063,694 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PDD. Jefferies Financial Group restated a "buy" rating on shares of PDD in a research note on Wednesday, May 27th. Barclays lowered PDD from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $165.00 to $89.00 in a research note on Thursday, May 28th. Zacks Research upgraded shares of PDD from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. Benchmark decreased their target price on PDD from $127.00 to $114.00 and set a "buy" rating for the company in a research report on Tuesday, August 25th. Finally, Nomura lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, PDD currently has a consensus rating of "Hold" and a consensus price target of $113.31.

PDD Price Performance

NASDAQ:PDD opened at $77.81 on Friday. The firm has a market capitalization of $110.75 billion, a P/E ratio of 8.57, a PEG ratio of 0.59 and a beta of -0.01. The company's fifty day moving average price is $85.65 and its 200-day moving average price is $91.51. PDD Holdings Inc. Sponsored ADR has a 1-year low of $71.94 and a 1-year high of $139.41.

PDD (NASDAQ:PDD - Get Free Report) last posted its earnings results on Friday, August 14th. The company reported $2.84 EPS for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%.The firm had revenue of $16.54 billion for the quarter. Equities analysts anticipate that PDD Holdings Inc. Sponsored ADR will post 10.5 EPS for the current fiscal year.

PDD Profile

PDD Holdings Inc is a multinational commerce group that operates technology platforms connecting consumers, merchants, producers and suppliers. The company's businesses focus on online retail, agricultural commerce and value-oriented shopping experiences, using interactive features, data and consumer demand to support transactions and product discovery.

Its flagship platform, Pinduoduo, serves consumers in China and offers a broad selection of products, including agricultural goods, groceries, household items, apparel, electronics and other consumer merchandise.

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