Shell Asset Management Co. Purchases 3,307 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Shell Asset Management Co. boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 11.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,479 shares of the company's stock after acquiring an additional 3,307 shares during the quarter. Shell Asset Management Co.'s holdings in PDD were worth $3,247,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. raised its holdings in shares of PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of PDD by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock valued at $2,779,986,000 after buying an additional 268,662 shares in the last quarter. FMR LLC raised its holdings in shares of 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 buying an additional 4,673,022 shares in the last quarter. Norges Bank purchased a new position in shares of PDD during the 4th quarter valued at about $812,246,000. Finally, FIL Ltd boosted its holdings 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 acquiring an additional 3,350,627 shares during the period. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.9%

Shares of NASDAQ:PDD traded down $1.07 during trading on Tuesday, hitting $117.38. The stock had a trading volume of 4,974,169 shares, compared to its average volume of 11,097,263. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $164.69. The company has a market capitalization of $163.41 billion, a PE ratio of 11.46, a PEG ratio of 0.32 and a beta of 0.57. The firm's fifty day moving average is $109.84 and its 200 day moving average is $109.27. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Wall Street Analysts Forecast Growth

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