Assenagon Asset Management S.A. Has $370.79 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Assenagon Asset Management S.A. lessened its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 34.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,823,014 shares of the company's stock after selling 1,982,420 shares during the quarter. PDD comprises about 0.6% of Assenagon Asset Management S.A.'s portfolio, making the stock its 19th largest holding. Assenagon Asset Management S.A. owned approximately 0.28% of PDD worth $370,794,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gordian Capital Singapore Pte Ltd boosted its position in shares of PDD by 1,218.9% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock valued at $942,000 after acquiring an additional 6,460 shares during the period. Lord Abbett & CO. LLC grew its position in shares of PDD by 63.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock worth $5,155,000 after purchasing an additional 14,905 shares in the last quarter. TB Alternative Assets Ltd. increased its holdings in shares of PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company's stock worth $23,342,000 after purchasing an additional 43,648 shares during the period. Vontobel Holding Ltd. raised its position in shares of PDD by 13.3% in the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company's stock valued at $31,589,000 after buying an additional 27,567 shares in the last quarter. Finally, BOCHK Asset Management Ltd boosted its stake in shares of PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company's stock valued at $5,649,000 after buying an additional 40,700 shares during the period. Institutional investors own 39.83% of the company's stock.

PDD Price Performance

NASDAQ:PDD traded up $2.57 on Wednesday, hitting $100.70. The company had a trading volume of 6,168,076 shares, compared to its average volume of 6,836,170. The firm has a 50 day moving average of $103.53 and a two-hundred day moving average of $117.76. The stock has a market capitalization of $138.55 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent research reports. Dbs Bank lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research note on Thursday, November 21st. JPMorgan Chase & Co. downgraded shares of PDD from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Macquarie upgraded shares of PDD from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Finally, Benchmark reduced their price target 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. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, PDD currently has a consensus rating of "Moderate Buy" and a consensus target price of $173.40.

PDD Company 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.