Wealthedge Investment Advisors LLC Invests $666,000 in PDD Holdings Inc. (NASDAQ:PDD)

Wealthedge Investment Advisors LLC bought a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,866 shares of the company's stock, valued at approximately $666,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Siemens Fonds Invest GmbH bought a new position in shares of PDD in the fourth quarter worth approximately $192,000. Mackenzie Financial Corp grew its holdings in shares of PDD by 20.0% in the fourth quarter. Mackenzie Financial Corp now owns 244,609 shares of the company's stock worth $23,725,000 after purchasing an additional 40,732 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of PDD in the fourth quarter worth approximately $128,493,000. Vise Technologies Inc. grew its holdings in shares of PDD by 304.4% in the fourth quarter. Vise Technologies Inc. now owns 9,280 shares of the company's stock worth $900,000 after purchasing an additional 6,985 shares during the last quarter. Finally, Sylebra Capital LLC lifted its stake in PDD by 33.4% in the fourth quarter. Sylebra Capital LLC now owns 656,751 shares of the company's stock worth $63,698,000 after acquiring an additional 164,585 shares during the period. Institutional investors own 39.83% of the company's stock.

PDD Stock Down 1.6%

Shares of PDD stock traded down $1.56 during mid-day trading on Friday, reaching $96.73. 17,167,316 shares of the company's stock traded hands, compared to its average volume of 11,108,733. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $155.67. The company has a market cap of $134.66 billion, a P/E ratio of 9.45, a P/E/G ratio of 0.32 and a beta of 0.57. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company's 50-day moving average price is $106.92 and its 200-day moving average price is $108.76.

Analysts Set New Price Targets

PDD has been the subject of a number of research analyst reports. Nomura reaffirmed a "neutral" rating and issued a $130.00 price target (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. China Renaissance reaffirmed a "hold" rating and issued a $107.00 price target on shares of PDD in a research note on Wednesday. Benchmark dropped their price target on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group set a $121.00 price target on PDD and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $144.55.

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.