Raymond James Financial Inc. Purchases 7,013 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Raymond James Financial Inc. increased its position in PDD Holdings Inc. by 21.8% in Q1, now owning 39,118 shares valued at approximately $4.63 million.
• A variety of institutional investors, including American Century and Dimensional Fund Advisors, also boosted their stakes in PDD during the first quarter, with institutional ownership now at 39.83%.
• PDD Holdings stock has experienced volatility, with a 52-week range from $87.11 to $155.67, and currently holds a market cap of $173.57 billion.

Raymond James Financial Inc. grew its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 21.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,118 shares of the company's stock after purchasing an additional 7,013 shares during the quarter. Raymond James Financial Inc.'s holdings in PDD were worth $4,630,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Hollencrest Capital Management acquired a new stake in shares of PDD during the first quarter valued at about $26,000. IFP Advisors Inc boosted its stake in shares of PDD by 245.8% during the first quarter. IFP Advisors Inc now owns 408 shares of the company's stock valued at $48,000 after purchasing an additional 290 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of PDD during the first quarter valued at about $204,000. Gunderson Capital Management Inc. acquired a new stake in shares of PDD during the first quarter valued at about $218,000. Finally, First Affirmative Financial Network acquired a new stake in shares of PDD during the first quarter valued at about $218,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut 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. Bank of America lifted their price objective on PDD from $120.00 to $141.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a "buy" rating in a research note on Monday, August 25th. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $112.00 price objective on shares of PDD in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $137.82.

PDD Stock Performance

Shares of PDD stock traded up $0.35 during trading hours on Monday, hitting $125.03. 6,780,481 shares of the company were exchanged, compared to its average volume of 9,698,484. The firm has a market cap of $174.06 billion, a P/E ratio of 13.56, a P/E/G ratio of 1.47 and a beta of 0.46. PDD Holdings Inc. Sponsored ADR has a fifty-two week low of $87.11 and a fifty-two week high of $155.67. The company has a 50 day simple moving average of $114.63 and a two-hundred day simple moving average of $111.11.

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.