Mackenzie Financial Corp Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Mackenzie Financial Corp grew its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 244,609 shares of the company's stock after purchasing an additional 40,732 shares during the period. Mackenzie Financial Corp's holdings in PDD were worth $23,725,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in PDD during the fourth quarter worth approximately $812,246,000. Sanders Capital LLC purchased a new stake in PDD in the 4th quarter worth $499,972,000. FMR LLC raised its position in PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the period. FIL Ltd lifted its holdings in PDD by 72.4% during the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after purchasing an additional 3,350,627 shares in the last quarter. Finally, Capital International Investors acquired a new stake in shares of PDD in the fourth quarter valued at about $246,823,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Trading Down 1.6%

PDD stock traded down $1.56 during midday trading on Friday, hitting $96.73. 17,167,316 shares of the company's stock were exchanged, compared to its average volume of 11,108,733. PDD Holdings Inc. has a 1-year low of $87.11 and a 1-year high of $155.67. The business has a 50-day simple moving average of $106.92 and a two-hundred day simple moving average of $108.76. The stock has a market capitalization of $134.66 billion, a PE ratio of 9.45, a P/E/G 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.

Analyst Ratings Changes

PDD has been the topic of a number of research reports. Benchmark decreased their price target on shares of PDD from $160.00 to $128.00 and set a "buy" rating on the stock in a research note on Wednesday. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price target on shares of PDD in a research note on Wednesday. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. JPMorgan Chase & Co. decreased their price objective on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday. Finally, Macquarie reaffirmed an "outperform" rating on shares of PDD in a report on Tuesday. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, PDD presently has a consensus 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.