Scion Asset Management LLC Takes $7.27 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Scion Asset Management LLC bought a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 75,000 shares of the company's stock, valued at approximately $7,274,000. PDD accounts for about 9.4% of Scion Asset Management LLC's holdings, making the stock its 6th biggest holding.

Several other institutional investors also recently modified their holdings of PDD. Baillie Gifford & Co. grew its stake in shares of PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. boosted its stake in PDD by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock worth $2,779,986,000 after purchasing an additional 268,662 shares in the last quarter. FMR LLC grew its position in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. Norges Bank purchased a new stake in PDD during the 4th quarter valued at about $812,246,000. Finally, FIL Ltd increased its stake in PDD by 72.4% during the 4th 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 in the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.2%

PDD stock opened at $117.61 on Friday. The company has a market cap of $161.82 billion, a price-to-earnings 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. The business's 50-day moving average is $109.83 and its two-hundred day moving average is $109.45. PDD Holdings Inc. has a fifty-two week low of $87.11 and a fifty-two week high of $164.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PDD. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and upped their target price for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Nomura reiterated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Jefferies Financial Group lowered their price target on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. lifted their price objective on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.00.

PDD Company 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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