The Manufacturers Life Insurance Company Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

The Manufacturers Life Insurance Company boosted its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 2.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 830,880 shares of the company's stock after acquiring an additional 17,842 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of PDD worth $80,587,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Lord Abbett & CO. LLC raised its position in shares of PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock valued at $5,155,000 after buying an additional 14,905 shares during the last quarter. Headwater Capital Co Ltd acquired a new stake in PDD in the 4th quarter valued at about $9,699,000. Renaissance Technologies LLC lifted its stake in PDD by 56.3% in the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after purchasing an additional 341,300 shares in the last quarter. Baillie Gifford & Co. boosted 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 worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in PDD during the fourth quarter worth $4,685,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on PDD shares. Nomura Securities downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Benchmark reissued a "buy" rating and set a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Jefferies Financial Group decreased their price target on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. increased their target price on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Finally, Nomura reissued a "neutral" rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, PDD currently has an average rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Stock Up 4.7 %

PDD traded up $4.95 on Friday, hitting $110.92. 9,141,885 shares of the company were exchanged, compared to its average volume of 11,187,480. 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 cap of $152.61 billion, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The firm has a 50-day moving average price of $110.44 and a two-hundred day moving average price of $110.17. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $164.69.

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.