Nuveen Asset Management LLC Acquires 170,268 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Nuveen Asset Management LLC increased its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 6.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,871,522 shares of the company's stock after acquiring an additional 170,268 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.21% of PDD worth $278,509,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Jones Financial Companies Lllp increased its stake in PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after purchasing an additional 97 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after buying an additional 132 shares during the period. New York Life Investment Management LLC boosted its holdings in shares of PDD by 5.8% in the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock worth $245,000 after buying an additional 139 shares during the period. Cibc World Markets Corp increased its position in shares of PDD by 1.1% in 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 in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after acquiring an additional 249 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on PDD. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Benchmark restated a "buy" rating and issued a $160.00 target price on shares of PDD in a report on Friday, March 21st. Nomura Securities downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. JPMorgan Chase & Co. increased their price objective on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group decreased their price objective on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $174.00.

PDD Stock Down 0.2%

NASDAQ PDD traded down $0.23 on Friday, reaching $117.61. The stock had a trading volume of 4,345,160 shares, compared to its average volume of 11,156,615. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The business has a 50 day moving average price of $109.83 and a 200 day moving average price of $109.37. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $163.73 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 0.32 and a beta of 0.57.

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.