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

California State Teachers Retirement System raised its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 7.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 324,354 shares of the company's stock after purchasing an additional 21,507 shares during the period. California State Teachers Retirement System's holdings in PDD were worth $31,459,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PDD. Nisa Investment Advisors LLC acquired a new stake in PDD during the fourth quarter valued at approximately $39,000. Global Retirement Partners LLC lifted its stake in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock valued at $53,000 after purchasing an additional 498 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after purchasing an additional 132 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after purchasing an additional 249 shares during the last quarter. Finally, Stephens Consulting LLC acquired a new stake in PDD during the fourth quarter valued at approximately $97,000. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Performance

NASDAQ:PDD traded down $0.07 during midday trading on Monday, reaching $96.44. The stock had a trading volume of 6,199,556 shares, compared to its average volume of 11,089,451. PDD Holdings Inc. has a 1-year low of $87.11 and a 1-year high of $155.67. The firm's fifty day simple moving average is $106.40 and its 200-day simple moving average is $108.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a market capitalization of $134.26 billion, a P/E ratio of 9.42, a PEG ratio of 0.32 and a beta of 0.57.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PDD shares. 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. 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. Benchmark reduced their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Finally, Barclays reiterated an "equal weight" rating on shares of PDD in a research note on Sunday. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $144.55.

About PDD

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.