Nissay Asset Management Corp Japan ADV Acquires 13,883 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Nissay Asset Management Corp Japan ADV increased its holdings in PDD Holdings Inc. by 17.8%, now owning 91,752 shares worth approximately $10.86 million.
• Investment firms like NewEdge Advisors and MIRAE ASSET GLOBAL also boosted their positions in PDD, indicating a growing interest among institutional investors.
• PDD's stock holds a consensus rating of "Moderate Buy" with analysts setting target prices ranging from $107.00 to $165.00.

Nissay Asset Management Corp Japan ADV lifted its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 91,752 shares of the company's stock after purchasing an additional 13,883 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in PDD were worth $10,859,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PDD. Hollencrest Capital Management acquired a new position in shares of PDD during the 1st quarter worth $26,000. IFP Advisors Inc grew its stake in PDD by 245.8% in the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after buying an additional 290 shares during the last quarter. Goldstream Capital Management Ltd acquired a new position in PDD in the 1st quarter valued at $102,000. Siemens Fonds Invest GmbH acquired a new position in PDD in the 4th quarter valued at $192,000. Finally, OneDigital Investment Advisors LLC bought a new stake in PDD in the 1st quarter valued at $204,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Up 0.3%

PDD stock traded up $0.35 during midday trading on Monday, hitting $125.03. 6,780,481 shares of the stock were exchanged, compared to its average volume of 9,698,484. The company has a fifty day simple moving average of $114.63 and a two-hundred day simple moving average of $111.11. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $155.67. The stock has a market capitalization of $174.06 billion, a PE ratio of 13.56, a P/E/G ratio of 1.47 and a beta of 0.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PDD shares. Jefferies Financial Group set a $146.00 price objective on shares of PDD and gave the stock a "buy" rating in a report on Monday, August 25th. Macquarie set a $165.00 target price on shares of PDD and gave the stock an "outperform" rating in a research report on Monday, August 25th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 target price on shares of PDD in a research report on Wednesday, May 28th. Barclays increased their target price on shares of PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Finally, Zacks Research upgraded shares of PDD from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $137.82.

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.