Global X Japan Co. Ltd. boosted its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,454 shares of the company's stock after acquiring an additional 22,065 shares during the period. PDD accounts for 2.9% of Global X Japan Co. Ltd.'s portfolio, making the stock its 14th largest position. Global X Japan Co. Ltd.'s holdings in PDD were worth $25,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC boosted its position in shares of PDD by 236.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 53,264 shares of the company's stock worth $5,161,000 after buying an additional 37,421 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in PDD by 26.1% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 22,785 shares of the company's stock worth $2,210,000 after buying an additional 4,709 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of PDD by 1.8% during the 4th quarter. CIBC Asset Management Inc now owns 127,820 shares of the company's stock valued at $12,397,000 after acquiring an additional 2,301 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after acquiring an additional 498 shares in the last quarter. Finally, Alberta Investment Management Corp grew its holdings in shares of PDD by 12.6% in the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock worth $18,434,000 after acquiring an additional 21,302 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.
PDD Stock Down 0.3%
Shares of PDD traded down $0.28 during midday trading on Thursday, reaching $102.25. 4,368,942 shares of the stock were exchanged, compared to its average volume of 11,057,547. The company has a market cap of $142.35 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 1.45 and a beta of 0.42. The firm has a 50 day simple moving average of $104.76 and a 200-day simple moving average of $108.26. 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 analysts recently weighed in on PDD shares. JPMorgan Chase & Co. dropped their price target on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a research note 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. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $112.00 price objective on shares of PDD in a research report on Wednesday, May 28th. Nomura restated a "neutral" rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, China Renaissance reissued a "hold" rating and set a $107.00 price target on shares of PDD in a research report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, PDD currently has an average rating of "Moderate Buy" and a consensus target price of $144.55.
View Our Latest Research Report on PDD
PDD Company Profile
(
Free Report)
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.
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