Raymond James Financial Inc. Purchases Shares of 32,105 PDD Holdings Inc. (NASDAQ:PDD)

Raymond James Financial Inc. acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 32,105 shares of the company's stock, valued at approximately $3,114,000.

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

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent analyst reports. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Jefferies Financial Group decreased their price target on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Nomura reiterated a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark restated a "buy" rating and set a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. increased their price target on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Five equities research 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.com, PDD presently has an average rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Trading Down 0.9 %

Shares of PDD stock opened at $103.09 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a market capitalization of $141.84 billion, a P/E ratio of 10.07, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The company's fifty day moving average is $111.80 and its two-hundred day moving average is $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.

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