California State Teachers Retirement System Acquires 21,507 Shares of PDD Holdings Inc. (NASDAQ:PDD)

California State Teachers Retirement System boosted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 7.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 324,354 shares of the company's stock after buying an additional 21,507 shares during the period. California State Teachers Retirement System's holdings in PDD were worth $31,459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of PDD. Norges Bank acquired a new position in PDD in the 4th quarter worth about $812,246,000. Sanders Capital LLC acquired a new position in PDD in the 4th quarter worth about $499,972,000. FMR LLC increased its position in PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. FIL Ltd increased its position in PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after purchasing an additional 3,350,627 shares during the last quarter. Finally, Capital International Investors acquired a new position in PDD in the 4th quarter worth about $246,823,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research report on Wednesday. Jefferies Financial Group set a $121.00 price target on PDD and gave the stock a "buy" rating in a research note on Tuesday. Nomura Securities downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Nomura reiterated a "neutral" rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and upped their price target for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

PDD Stock Performance

NASDAQ:PDD traded down $1.56 during mid-day trading on Friday, hitting $96.73. 17,167,316 shares of the company's stock traded hands, compared to its average volume of 11,094,871. The firm has a 50 day moving average of $106.92 and a two-hundred day moving average of $108.79. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $155.67. The firm has a market capitalization of $134.66 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

PDD Company 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.