5,438 Shares in PDD Holdings Inc. (NASDAQ:PDD) Purchased by Newlands Management Operations LLC

Newlands Management Operations LLC purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,438 shares of the company's stock, valued at approximately $527,000. PDD makes up about 0.0% of Newlands Management Operations LLC's holdings, making the stock its 23rd largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in PDD. Jones Financial Companies Lllp raised its position in PDD by 8.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after acquiring an additional 97 shares during the period. Farther Finance Advisors LLC raised its position in PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after acquiring an additional 132 shares during the period. New York Life Investment Management LLC raised its position in PDD by 5.8% during the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock worth $245,000 after acquiring an additional 139 shares during the period. Cibc World Markets Corp raised its position in PDD by 1.1% during the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock worth $1,435,000 after acquiring an additional 164 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after acquiring an additional 249 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Nomura restated a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Finally, JPMorgan Chase & Co. increased their target price on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $174.00.

PDD Price Performance

Shares of NASDAQ PDD traded down $0.23 during mid-day trading on Friday, reaching $117.61. The company's stock had a trading volume of 4,345,160 shares, compared to its average volume of 11,176,082. The stock has a 50-day moving average of $109.83 and a two-hundred day moving average of $109.45. The stock has a market capitalization of $161.82 billion, a P/E ratio of 11.49, a P/E/G ratio of 0.32 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 1-year low of $87.11 and a 1-year high of $164.69.

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.