Strs Ohio Invests $6.88 Million in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Strs Ohio has made a new investment in PDD Holdings Inc., purchasing approximately $6.88 million worth of shares in the first quarter.
• Several large institutional investors have recently increased their holdings in PDD, with OVERSEA CHINESE BANKING Corp reporting a significant 4,562.1% increase this quarter.
• PDD has received a range of ratings from analysts, with Zacks Research upgrading it to a "strong-buy", while the average consensus rating stands at "Moderate Buy" with a target price of $137.82.

Strs Ohio purchased a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 58,099 shares of the company's stock, valued at approximately $6,876,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PDD. Cetera Investment Advisers lifted its stake 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 buying an additional 1,280 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of PDD by 2.4% during the fourth quarter. Quantinno Capital Management LP now owns 31,151 shares of the company's stock valued at $3,021,000 after acquiring an additional 740 shares during the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of PDD during the fourth quarter valued at about $444,000. Siemens Fonds Invest GmbH acquired a new stake in shares of PDD during the fourth quarter valued at about $192,000. Finally, Triata Capital Ltd acquired a new stake in shares of PDD during the fourth quarter valued at about $64,880,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Down 2.6%

NASDAQ PDD traded down $3.49 on Friday, hitting $129.47. 17,397,871 shares of the stock were exchanged, compared to its average volume of 11,173,270. 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 market cap of $180.24 billion, a PE ratio of 14.04, a PEG ratio of 1.57 and a beta of 0.46. The company has a 50-day moving average price of $118.89 and a 200-day moving average price of $111.91.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PDD. Barclays lifted their price objective on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Jefferies Financial Group set a $146.00 price objective on shares of PDD and gave the company a "buy" rating in a report on Monday, August 25th. Benchmark restated a "buy" rating and issued a $160.00 price objective (up previously from $128.00) on shares of PDD in a report on Tuesday, August 26th. Citigroup restated a "buy" rating on shares of PDD in a report on Monday, August 25th. Finally, New Street Research cut shares of PDD from a "buy" rating to a "neutral" rating and set a $120.00 price objective for the company. in a report on Tuesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $137.82.

About PDD

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.