Contrarius Group Holdings Ltd Invests $10.06 Million in PDD Holdings Inc. (NASDAQ:PDD)

Contrarius Group Holdings Ltd purchased a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 103,714 shares of the company's stock, valued at approximately $10,059,000. PDD accounts for approximately 0.6% of Contrarius Group Holdings Ltd's holdings, making the stock its 29th biggest position.

A number of other institutional investors also recently bought and sold shares of PDD. Prospera Private Wealth LLC purchased a new stake in shares of PDD in the third quarter worth about $27,000. Nisa Investment Advisors LLC acquired a new position in PDD in the fourth quarter valued at approximately $39,000. Brooklyn Investment Group boosted its position in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after purchasing an additional 405 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after purchasing an additional 498 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after purchasing an additional 132 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Price Performance

NASDAQ PDD traded up $1.48 during mid-day trading on Monday, hitting $128.12. The stock had a trading volume of 6,672,846 shares, compared to its average volume of 10,415,434. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month 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. The firm's 50 day moving average is $116.40 and its 200 day moving average is $113.63. The stock has a market capitalization of $176.28 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 0.32 and a beta of 0.69.

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Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Nomura reissued a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a report on Thursday. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday. Benchmark reaffirmed a "buy" rating and issued a $160.00 price target on shares of PDD in a report on Friday. Finally, Jefferies Financial Group dropped their price objective on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $169.91.

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.