Tenzing Global Management LLC Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Tenzing Global Management LLC bought a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The firm bought 27,500 shares of the company's stock, valued at approximately $3,707,000. PDD accounts for approximately 2.6% of Tenzing Global Management LLC's investment portfolio, making the stock its 12th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC bought a new stake in PDD during the third quarter valued at about $27,000. Venturi Wealth Management LLC purchased a new stake in PDD during the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD during the 2nd quarter valued at $32,000. Richardson Financial Services Inc. lifted its position in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock worth $32,000 after buying an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in PDD during the third quarter valued at $34,000. Institutional investors own 29.07% of the company's stock.

Analysts Set New Price Targets

PDD has been the subject of several research reports. Bank of America lowered their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. JPMorgan Chase & Co. cut shares of PDD from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Barclays cut their price target on PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group dropped their target price on shares of PDD from $181.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, PDD has an average rating of "Moderate Buy" and an average price target of $173.40.

PDD Price Performance

Shares of NASDAQ PDD traded up $1.16 during trading on Friday, hitting $100.16. The company had a trading volume of 3,792,567 shares, compared to its average volume of 10,651,297. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a market cap of $137.81 billion, a P/E ratio of 9.67, a PEG ratio of 0.28 and a beta of 0.66. The business's 50-day moving average is $121.96 and its 200 day moving average is $127.19.

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.