Lord Abbett & CO. LLC boosted its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 63.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,235 shares of the company's stock after purchasing an additional 14,905 shares during the period. Lord Abbett & CO. LLC's holdings in PDD were worth $5,155,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd grew its position in shares of PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock valued at $942,000 after buying an additional 6,460 shares during the last quarter. TB Alternative Assets Ltd. grew its holdings in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company's stock worth $23,342,000 after acquiring an additional 43,648 shares during the period. Vontobel Holding Ltd. raised its position in shares of PDD by 13.3% in the 3rd quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company's stock worth $31,589,000 after acquiring an additional 27,567 shares in the last quarter. Jupiter Asset Management Ltd. lifted its stake in shares of PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company's stock valued at $30,700,000 after purchasing an additional 89,853 shares during the period. Finally, BOCHK Asset Management Ltd boosted its position in shares of PDD by 3,391.7% during the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company's stock valued at $5,649,000 after purchasing an additional 40,700 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the company. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 27th. JPMorgan Chase & Co. downgraded shares of PDD from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Nomura Securities raised shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Bank of America decreased their target price on PDD from $206.00 to $170.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. Finally, Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $173.40.
View Our Latest Analysis on PDD
PDD Stock Performance
Shares of PDD stock traded up $2.81 during trading hours on Tuesday, hitting $102.42. 16,311,010 shares of the company's stock traded hands, compared to its average volume of 10,728,150. The stock has a market capitalization of $140.92 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-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 company has a fifty day simple moving average of $115.88 and a 200-day simple moving average of $124.50.
About PDD
(
Free Report)
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.
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