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

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new stake in PDD during the 1st quarter worth approximately $26,000. IFP Advisors Inc increased its position in PDD by 245.8% during the 1st quarter. IFP Advisors Inc now owns 408 shares of the company's stock worth $48,000 after purchasing an additional 290 shares in the last quarter. Goldstream Capital Management Ltd acquired a new stake in PDD during the 1st quarter worth approximately $102,000. OneDigital Investment Advisors LLC acquired a new stake in PDD during the 1st quarter worth approximately $204,000. Finally, Gunderson Capital Management Inc. acquired a new stake in PDD during the 1st quarter worth approximately $218,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Up 1.7%

Shares of PDD traded up $2.15 during midday trading on Thursday, reaching $126.83. 6,769,216 shares of the stock were exchanged, compared to its average volume of 9,055,097. PDD Holdings Inc. Sponsored ADR has a 12-month low of $87.11 and a 12-month high of $155.67. The firm has a 50 day simple moving average of $115.46 and a 200-day simple moving average of $111.30. The company has a market cap of $176.56 billion, a price-to-earnings ratio of 13.74, a P/E/G ratio of 1.49 and a beta of 0.46.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PDD shares. Bank of America upped their price target on PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price target on PDD and gave the company a "buy" rating in a report on Monday, August 25th. Benchmark reaffirmed a "buy" rating and set a $160.00 target price (up previously from $128.00) on shares of PDD in a research note on Tuesday, August 26th. JPMorgan Chase & Co. decreased their target price on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $112.00 target price on shares of PDD in a research note on Wednesday, May 28th. One research 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. Based on data from MarketBeat, PDD has an average rating of "Moderate Buy" and a consensus target price of $137.82.

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.