Fmr LLC Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

FMR LLC raised its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 22.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,603,183 shares of the company's stock after acquiring an additional 4,673,022 shares during the period. FMR LLC owned approximately 1.86% of PDD worth $2,483,253,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp boosted its stake in shares of PDD by 8.7% during the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock worth $118,000 after acquiring an additional 97 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after purchasing an additional 132 shares during the period. New York Life Investment Management LLC lifted its position 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 purchasing an additional 139 shares in the last quarter. Cibc World Markets Corp grew its holdings in PDD by 1.1% during the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock valued at $1,435,000 after purchasing an additional 164 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after buying an additional 249 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PDD shares. Nomura reaffirmed a "neutral" rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. JPMorgan Chase & Co. increased their price target on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Citigroup restated a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. Finally, Jefferies Financial Group dropped their price objective on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Stock Performance

PDD stock traded up $0.23 during midday trading on Friday, hitting $88.58. 13,714,312 shares of the stock traded hands, compared to its average volume of 11,134,200. PDD Holdings Inc. has a 1-year low of $87.11 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. The stock's fifty day simple moving average is $117.08 and its 200-day simple moving average is $114.54. The firm has a market cap of $121.87 billion, a P/E ratio of 8.64, a PEG ratio of 0.32 and a beta of 0.73.

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.