Banque Pictet & Cie SA Buys New Stake in PDD Holdings Inc. (NASDAQ:PDD)

Banque Pictet & Cie SA acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,050 shares of the company's stock, valued at approximately $587,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PDD. CWM LLC raised its holdings in shares of PDD by 19.3% in the third quarter. CWM LLC now owns 1,046 shares of the company's stock worth $141,000 after acquiring an additional 169 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in PDD by 5.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,113 shares of the company's stock worth $10,261,000 after purchasing an additional 3,641 shares in the last quarter. Blue Trust Inc. raised its stake in PDD by 94.7% in the 3rd quarter. Blue Trust Inc. now owns 4,585 shares of the company's stock valued at $610,000 after purchasing an additional 2,230 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in PDD by 11.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,843 shares of the company's stock valued at $2,136,000 after purchasing an additional 1,623 shares in the last quarter. Finally, Carrhae Capital LLP boosted its stake in shares of PDD by 296.1% during the 3rd quarter. Carrhae Capital LLP now owns 447,960 shares of the company's stock worth $60,389,000 after purchasing an additional 334,881 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Dbs Bank downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark dropped their target price on PDD from $185.00 to $160.00 and set a "buy" rating for the company in a research note on Friday, November 22nd. Finally, Jefferies Financial Group reduced 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. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, PDD has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

PDD Trading Up 3.5 %

Shares of PDD stock traded up $4.30 during trading hours on Tuesday, reaching $128.46. The stock had a trading volume of 13,834,560 shares, compared to its average volume of 8,297,356. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The firm has a market capitalization of $176.74 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 0.29 and a beta of 0.67. The firm has a 50 day simple moving average of $105.24 and a two-hundred day simple moving average of $114.02.

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.