The Manufacturers Life Insurance Company cut its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 44.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 462,542 shares of the company's stock after selling 368,338 shares during the quarter. The Manufacturers Life Insurance Company's holdings in PDD were worth $54,742,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently bought and sold shares of PDD. Bayesian Capital Management LP acquired a new stake in PDD in the 4th quarter valued at about $394,000. Cat Rock Capital Management LP boosted its stake in shares of PDD by 19.2% in the fourth quarter. Cat Rock Capital Management LP now owns 822,714 shares of the company's stock valued at $79,795,000 after buying an additional 132,555 shares in the last quarter. Cantor Fitzgerald L. P. acquired a new position in PDD during the fourth quarter worth $437,000. Cetera Investment Advisers raised its holdings in shares of PDD by 13.0% in the fourth quarter. Cetera Investment Advisers now owns 11,154 shares of the company's stock worth $1,082,000 after acquiring an additional 1,280 shares during the last quarter. Finally, Dragoneer Investment Group LLC raised its holdings in shares of PDD by 48.8% in the fourth quarter. Dragoneer Investment Group LLC now owns 5,572,094 shares of the company's stock worth $540,437,000 after acquiring an additional 1,827,853 shares during the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have issued reports on PDD. Benchmark reissued a "buy" rating and set a $160.00 price target (up previously from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Bank of America upped their price objective on PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a research note on Tuesday, August 26th. Macquarie set a $165.00 price objective on PDD and gave the company an "outperform" rating in a research note on Monday, August 25th. China Renaissance reiterated a "hold" rating and set a $107.00 price target on shares of PDD in a research report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a "buy" rating in a report on Monday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, PDD has an average rating of "Moderate Buy" and a consensus price target of $137.82.
Check Out Our Latest Stock Report on PDD
PDD Trading Up 2.2%
NASDAQ PDD traded up $2.70 during trading on Wednesday, hitting $124.39. 7,753,292 shares of the company traded hands, compared to its average volume of 9,103,141. PDD Holdings Inc. Sponsored ADR has a 12 month low of $87.11 and a 12 month high of $155.67. The company has a market capitalization of $173.17 billion, a P/E ratio of 13.49, a PEG ratio of 1.42 and a beta of 0.46. The business has a fifty day simple moving average of $113.13 and a 200 day simple moving average of $111.27.
About PDD
(
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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