Russell Investments Group Ltd. boosted its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 49.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 856,365 shares of the company's stock after buying an additional 281,477 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of PDD worth $66,620,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealthfront Advisers LLC increased its stake in PDD by 3.6% in the first quarter. Wealthfront Advisers LLC now owns 3,609 shares of the company's stock valued at $369,000 after acquiring an additional 127 shares during the last quarter. NewEdge Advisors LLC lifted its stake in PDD by 2.9% during the first quarter. NewEdge Advisors LLC now owns 4,677 shares of the company's stock worth $478,000 after purchasing an additional 134 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in PDD by 11.3% during the third quarter. Commonwealth Equity Services LLC now owns 3,016 shares of the company's stock worth $235,000 after purchasing an additional 307 shares during the last quarter. Frank Rimerman Advisors LLC boosted its holdings in shares of PDD by 9.2% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 4,951 shares of the company's stock valued at $386,000 after purchasing an additional 416 shares in the last quarter. Finally, Grove Bank & Trust acquired a new stake in shares of PDD in the 2nd quarter valued at $38,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several brokerages have recently issued reports on PDD. Deutsche Bank upgraded PDD from a "hold" rating to a "buy" rating in a research note on Thursday, October 29th. Benchmark decreased their price target on shares of PDD from $127.00 to $114.00 and set a "buy" rating on the stock in a report on Tuesday, August 25th. JPMorgan Chase & Co. lowered their price objective on shares of PDD from $110.00 to $95.00 and set a "neutral" rating for the company in a research report on Thursday, September 10th. Arete Research downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $93.00 price objective for the company. in a research note on Monday, September 7th. Finally, Morgan Stanley cut PDD from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $129.00 to $90.00 in a research note on Monday, November 9th. Five research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $107.31.
Read Our Latest Stock Report on PDD
PDD Price Performance
Shares of PDD stock traded up $1.44 during trading on Friday, hitting $78.97. The company's stock had a trading volume of 3,726,646 shares, compared to its average volume of 5,647,168. The stock has a market cap of $112.41 billion, a price-to-earnings ratio of 8.70, a price-to-earnings-growth ratio of 0.61 and a beta of -0.03. PDD Holdings Inc. Sponsored ADR has a 52 week low of $71.94 and a 52 week high of $132.43. The stock has a 50-day moving average price of $79.40 and a two-hundred day moving average price of $89.85.
PDD (NASDAQ:PDD - Get Free Report) last announced its earnings results on Friday, August 14th. The company reported $2.84 earnings per share (EPS) for the quarter. PDD had a return on equity of 22.29% and a net margin of 20.73%. The business had revenue of $16.54 billion during the quarter. On average, equities analysts predict that PDD Holdings Inc. Sponsored ADR will post 10.03 EPS for the current fiscal year.
PDD Profile
(
Free Report)
PDD Holdings Inc. operates e-commerce platforms that connect consumers with merchants and other suppliers. Its businesses include Pinduoduo, a marketplace focused on China, and Temu, an international online marketplace. Pinduoduo uses interactive shopping features, including group buying, and offers products across categories such as groceries, apparel, home goods and electronics. The platform has also emphasized agricultural products, connecting farmers with consumers and other buyers. Temu serves customers in multiple markets outside China and offers a wide range of merchandise from suppliers and brands.
Further Reading
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