Abacus FCF Advisors LLC Takes $1.83 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Abacus FCF Advisors LLC purchased a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 18,840 shares of the company's stock, valued at approximately $1,827,000.

A number of other hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp grew its stake in shares of PDD by 8.7% in the fourth 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 last quarter. Farther Finance Advisors LLC grew its position in shares of PDD by 30.9% in the 4th 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 last quarter. New York Life Investment Management LLC grew its position in shares of PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock worth $245,000 after buying an additional 139 shares during the last quarter. Cibc World Markets Corp increased its stake in shares of PDD by 1.1% during the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock valued at $1,435,000 after buying an additional 164 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after acquiring an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently weighed in on PDD. Jefferies Financial Group cut their price target on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Benchmark reiterated a "buy" rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Citigroup reissued a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Finally, Nomura reissued a "neutral" rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, PDD has a consensus rating of "Moderate Buy" and an average target price of $169.91.

PDD Stock Up 2.4 %

NASDAQ:PDD traded up $2.15 during trading hours on Friday, reaching $90.50. 21,093,347 shares of the company traded hands, compared to its average volume of 11,197,758. 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 business's 50-day moving average price is $116.61 and its two-hundred day moving average price is $114.28. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The stock has a market capitalization of $124.52 billion, a P/E ratio of 8.84, a P/E/G ratio of 0.32 and a beta of 0.73.

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.