Alberta Investment Management Corp Raises Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Alberta Investment Management Corp lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 12.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 190,060 shares of the company's stock after purchasing an additional 21,302 shares during the quarter. Alberta Investment Management Corp's holdings in PDD were worth $18,434,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PDD. Global Retirement Partners LLC grew its stake in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock valued at $53,000 after buying an additional 498 shares in the last quarter. Capital Today Evergreen Fund L.P. increased its stake in PDD by 60.1% during the fourth quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company's stock worth $241,853,000 after purchasing an additional 935,854 shares during the period. CIBC Asset Management Inc lifted its position in shares of PDD by 1.8% during the fourth quarter. CIBC Asset Management Inc now owns 127,820 shares of the company's stock worth $12,397,000 after purchasing an additional 2,301 shares in the last quarter. FengHe Fund Management Pte. Ltd. purchased a new position in shares of PDD in the fourth quarter valued at approximately $2,066,000. Finally, State of New Jersey Common Pension Fund D lifted its holdings in PDD by 26.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 22,785 shares of the company's stock worth $2,210,000 after buying an additional 4,709 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Performance

PDD traded up $6.88 during trading on Friday, hitting $131.29. The stock had a trading volume of 15,370,029 shares, compared to its average volume of 8,630,194. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The firm has a market capitalization of $180.63 billion, a P/E ratio of 12.82, a PEG ratio of 0.32 and a beta of 0.67. 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's 50-day moving average price is $106.54 and its 200 day moving average price is $114.17.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered PDD from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Jefferies Financial Group reduced their target price on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday, November 21st. Benchmark dropped their price objective on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Finally, Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Three 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. Based on data from MarketBeat, PDD has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

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.