Geode Capital Management LLC Has $627.10 Million Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Geode Capital Management LLC lifted its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 12.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,686,505 shares of the company's stock after acquiring an additional 513,248 shares during the quarter. Geode Capital Management LLC owned approximately 0.34% of PDD worth $627,104,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD during the 3rd quarter worth approximately $27,000. Venturi Wealth Management LLC acquired a new position in PDD during the third quarter worth $29,000. Ashton Thomas Private Wealth LLC bought a new stake in PDD during the second quarter worth $32,000. Richardson Financial Services Inc. lifted its stake in PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after acquiring an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of PDD in the 3rd quarter valued at about $34,000. Institutional investors own 39.83% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Sanford C. Bernstein cut their target price on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research note on Tuesday, August 27th. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Daiwa America raised PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Benchmark dropped their price target on 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 reduced their price objective on shares of PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research report on Thursday, November 21st. Three 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. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $173.40.

PDD Stock Performance

NASDAQ PDD traded down $2.39 during trading on Friday, reaching $102.27. The company's stock had a trading volume of 8,370,755 shares, compared to its average volume of 10,715,111. The firm has a 50 day moving average price of $117.99 and a 200 day moving average price of $125.61. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The firm has a market capitalization of $140.71 billion, a price-to-earnings ratio of 9.92, a price-to-earnings-growth ratio of 0.30 and a beta of 0.66. 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 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.