Kamunting Street Capital Management L.P. Buys 2,728 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Kamunting Street Capital Management L.P. grew its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the company's stock after buying an additional 2,728 shares during the quarter. PDD makes up approximately 2.5% of Kamunting Street Capital Management L.P.'s portfolio, making the stock its 10th largest position. Kamunting Street Capital Management L.P.'s holdings in PDD were worth $2,910,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PDD. Stifel Financial Corp lifted its holdings in shares of PDD by 172.8% during the 3rd quarter. Stifel Financial Corp now owns 6,400 shares of the company's stock valued at $863,000 after buying an additional 4,054 shares during the last quarter. Tidal Investments LLC lifted its holdings in PDD by 1,019.4% in the 3rd quarter. Tidal Investments LLC now owns 71,173 shares of the company's stock worth $9,595,000 after purchasing an additional 64,815 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in PDD during the third quarter worth approximately $653,000. Lord Abbett & CO. LLC grew its holdings in PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock valued at $5,155,000 after purchasing an additional 14,905 shares during the last quarter. Finally, Range Financial Group LLC bought a new position in shares of PDD in the fourth quarter valued at approximately $224,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Nomura reiterated a "neutral" rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. JPMorgan Chase & Co. raised their target price on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Finally, Benchmark reiterated a "buy" rating and set a $160.00 price target on shares of PDD in a report on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Stock Performance

Shares of NASDAQ PDD traded up $0.74 during trading hours on Friday, reaching $104.01. The stock had a trading volume of 5,059,614 shares, compared to its average volume of 11,286,151. The company has a market cap of $143.10 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $164.69. The business's fifty day moving average is $112.72 and its two-hundred day moving average is $111.57. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

About PDD

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.