NewEdge Advisors LLC Buys 7,868 Shares of PDD Holdings Inc. (NASDAQ:PDD)

NewEdge Advisors LLC raised its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 115.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,672 shares of the company's stock after acquiring an additional 7,868 shares during the period. NewEdge Advisors LLC's holdings in PDD were worth $1,423,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in PDD during the 4th quarter worth $812,246,000. Sanders Capital LLC purchased a new stake in PDD in the 4th quarter valued at $499,972,000. FMR LLC boosted its stake in shares of PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after buying an additional 4,673,022 shares during the period. FIL Ltd increased its holdings in shares of PDD by 72.4% in the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after purchasing an additional 3,350,627 shares during the period. Finally, Baillie Gifford & Co. raised its position in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after buying an additional 1,942,891 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PDD shares. Benchmark reaffirmed a "buy" rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Nomura reissued a "neutral" rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Jefferies Financial Group dropped their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. JPMorgan Chase & Co. upped their price target on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Citigroup restated a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Price Performance

PDD stock traded up $1.83 during trading on Tuesday, hitting $104.92. 1,888,643 shares of the stock traded hands, compared to its average volume of 10,283,707. The stock has a market cap of $144.35 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a one year low of $87.11 and a one year high of $164.69. 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 50 day simple moving average of $111.80 and a 200 day simple moving average of $110.58.

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.