NewEdge Advisors LLC Raises Stock Position in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• NewEdge Advisors LLC increased its stake in PDD Holdings by 20.5%, owning 17,673 shares valued at over $2 million.
• Multiple institutional investors including Baillie Gifford & Co and Mirae Asset Global Investments have significantly boosted their positions in PDD during the 1st quarter.
• Analysts have set varied price targets for PDD, with Jefferies Financial Group at $146.00 and Benchmark increasing their target to $160.00, reflecting a generally positive outlook.

NewEdge Advisors LLC grew its position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 20.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,673 shares of the company's stock after purchasing an additional 3,001 shares during the quarter. NewEdge Advisors LLC's holdings in PDD were worth $2,092,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cetera Investment Advisers grew its stake in PDD by 13.0% during the 4th quarter. Cetera Investment Advisers now owns 11,154 shares of the company's stock worth $1,082,000 after buying an additional 1,280 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of PDD by 6.3% during the fourth quarter. Nuveen Asset Management LLC now owns 2,871,522 shares of the company's stock worth $278,509,000 after acquiring an additional 170,268 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of PDD by 12.2% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 77,869 shares of the company's stock worth $7,588,000 after acquiring an additional 8,438 shares during the last quarter. Quantinno Capital Management LP grew its stake in shares of PDD by 2.4% during the fourth quarter. Quantinno Capital Management LP now owns 31,151 shares of the company's stock worth $3,021,000 after acquiring an additional 740 shares during the last quarter. Finally, Punch Card Management L.P. purchased a new stake in shares of PDD during the fourth quarter worth about $12,609,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of NASDAQ:PDD traded up $3.84 during midday trading on Wednesday, hitting $132.90. The company's stock had a trading volume of 10,759,299 shares, compared to its average volume of 9,088,114. The business's 50 day simple moving average is $117.24 and its 200 day simple moving average is $111.50. The company has a market cap of $185.01 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.51 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PDD shares. Macquarie set a $165.00 price objective on shares of PDD and gave the company an "outperform" rating in a report on Monday, August 25th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 price target on shares of PDD in a research note on Wednesday, May 28th. New Street Research lowered PDD from a "buy" rating to a "neutral" rating and set a $120.00 target price on the stock. in a research report on Tuesday, August 26th. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price objective on shares of PDD in a report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $146.00 price target on shares of PDD and gave the company a "buy" rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $137.82.

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.