PDD Holdings Inc. (NASDAQ:PDD) Stake Boosted by Global X Japan Co. Ltd.

Global X Japan Co. Ltd. grew its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 21.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 189,389 shares of the company's stock after acquiring an additional 33,907 shares during the quarter. PDD comprises 2.3% of Global X Japan Co. Ltd.'s investment portfolio, making the stock its 14th biggest holding. Global X Japan Co. Ltd.'s holdings in PDD were worth $18,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sanctuary Advisors LLC acquired a new stake in shares of PDD during the second quarter worth about $1,211,000. Future Financial Wealth Managment LLC purchased a new stake in PDD in the third quarter valued at approximately $34,000. CWM LLC grew its position in shares of PDD by 19.3% during 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. Sanibel Captiva Trust Company Inc. increased its stake in shares of PDD by 16.7% during the third quarter. Sanibel Captiva Trust Company Inc. now owns 1,844 shares of the company's stock worth $249,000 after acquiring an additional 264 shares during the period. Finally, Perpetual Ltd acquired a new position in PDD during the third quarter worth about $885,000. Institutional investors and hedge funds own 39.83% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Dbs Bank lowered 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 research report on Friday, November 22nd. Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research report on Thursday, November 21st. Finally, Benchmark reduced their price objective on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and an average price target of $173.40.

PDD Trading Up 1.4 %

Shares of PDD traded up $1.67 during trading hours on Tuesday, hitting $118.01. The stock had a trading volume of 6,460,235 shares, compared to its average volume of 8,086,151. The firm has a market cap of $162.37 billion, a P/E ratio of 11.53, a P/E/G ratio of 0.29 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company's fifty day simple moving average is $103.25 and its 200 day simple moving average is $114.24. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

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.