Barings LLC Increases Position in PDD Holdings Inc. (NASDAQ:PDD)

Barings LLC lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 738,170 shares of the company's stock after purchasing an additional 20,225 shares during the quarter. PDD comprises about 1.7% of Barings LLC's investment portfolio, making the stock its 8th biggest position. Barings LLC owned about 0.05% of PDD worth $71,595,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Gordian Capital Singapore Pte Ltd increased its holdings in shares of PDD by 1,218.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock worth $942,000 after buying an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of PDD by 63.9% in 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 during the period. Maple Rock Capital Partners Inc. acquired a new position in shares of PDD in the 3rd quarter valued at about $74,221,000. Headwater Capital Co Ltd purchased a new stake in shares of PDD during the 4th quarter worth about $9,699,000. Finally, Baillie Gifford & Co. raised its stake in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Benchmark dropped their price target on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group lowered their target price on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $173.40.

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PDD Stock Performance

NASDAQ:PDD traded down $0.12 during midday trading on Wednesday, reaching $117.86. The stock had a trading volume of 5,631,436 shares, compared to its average volume of 8,628,079. The stock has a market capitalization of $162.16 billion, a P/E ratio of 11.51, a PEG ratio of 0.32 and a beta of 0.69. The firm's fifty day simple moving average is $111.50 and its 200-day simple moving average is $111.71. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

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.