PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by ABS Direct Equity Fund LLC

ABS Direct Equity Fund LLC lifted its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 24.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,100 shares of the company's stock after purchasing an additional 11,694 shares during the period. PDD accounts for about 9.0% of ABS Direct Equity Fund LLC's investment portfolio, making the stock its biggest position. ABS Direct Equity Fund LLC's holdings in PDD were worth $8,102,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Prime Capital Investment Advisors LLC lifted its holdings in PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock worth $244,000 after buying an additional 89 shares during the period. Ballentine Partners LLC increased its position in shares of PDD by 4.6% during the second quarter. Ballentine Partners LLC now owns 2,701 shares of the company's stock worth $359,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC increased its position in shares of PDD by 5.3% during the second quarter. Parallel Advisors LLC now owns 2,436 shares of the company's stock worth $324,000 after purchasing an additional 122 shares in the last quarter. Legacy Capital Group California Inc. increased its position in shares of PDD by 6.8% during the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company's stock worth $277,000 after purchasing an additional 133 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its position in shares of PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock worth $354,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Price Performance

Shares of NASDAQ:PDD traded down $5.84 during midday trading on Tuesday, hitting $104.49. The company's stock had a trading volume of 11,489,456 shares, compared to its average volume of 10,730,250. The business's 50 day simple moving average is $120.76 and its 200 day simple moving average is $126.29. 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 company has a market cap of $143.76 billion, a P/E ratio of 10.20, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent analyst reports. Nomura Securities raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Citigroup lowered shares of PDD from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Bank of America cut their price objective on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research note on Tuesday, August 27th. Macquarie upgraded shares of PDD from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Finally, Jefferies Financial Group cut their price objective on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

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.