Appaloosa LP Has $519.49 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Appaloosa LP lifted its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,356,132 shares of the company's stock after purchasing an additional 55,000 shares during the period. PDD comprises 8.1% of Appaloosa LP's portfolio, making the stock its 3rd largest holding. Appaloosa LP owned approximately 0.39% of PDD worth $519,491,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Prime Capital Investment Advisors LLC boosted its stake in PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock worth $244,000 after purchasing an additional 89 shares during the period. Jones Financial Companies Lllp lifted its holdings 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 buying an additional 97 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after acquiring an additional 132 shares during the last quarter. New York Life Investment Management LLC grew its stake in PDD by 5.8% during the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock valued at $245,000 after acquiring an additional 139 shares in the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in PDD by 6.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock valued at $354,000 after acquiring an additional 166 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

Several research firms have commented on PDD. Benchmark dropped their price objective on shares of PDD from $185.00 to $160.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Jefferies Financial Group decreased their target price on PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and cut their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Dbs Bank cut PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Three research 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's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

PDD Trading Up 3.2 %

NASDAQ:PDD traded up $3.78 during midday trading on Friday, hitting $122.54. 7,164,256 shares of the company traded hands, compared to its average volume of 8,541,944. 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 firm's fifty day moving average is $112.87 and its 200-day moving average is $111.96. The firm has a market capitalization of $168.60 billion, a P/E ratio of 11.97, a P/E/G ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

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.