Main Management ETF Advisors LLC Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

Main Management ETF Advisors LLC acquired a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,208 shares of the company's stock, valued at approximately $837,000.

Other hedge funds have also bought and sold shares of the company. Mather Group LLC. grew its stake in PDD by 1,106.3% in the 2nd quarter. Mather Group LLC. now owns 386 shares of the company's stock valued at $51,000 after acquiring an additional 354 shares during the period. Simplicity Wealth LLC lifted its holdings in PDD by 5.6% in the 2nd quarter. Simplicity Wealth LLC now owns 5,245 shares of the company's stock valued at $697,000 after purchasing an additional 276 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in PDD by 4.4% in the 2nd quarter. QRG Capital Management Inc. now owns 15,387 shares of the company's stock valued at $2,046,000 after purchasing an additional 652 shares in the last quarter. Alhambra Investment Management LLC purchased a new position in PDD in the 2nd quarter valued at $292,000. Finally, M&G Plc lifted its holdings in PDD by 7.3% in the 2nd quarter. M&G Plc now owns 216,600 shares of the company's stock valued at $28,808,000 after purchasing an additional 14,708 shares in the last quarter. Hedge funds and other institutional investors own 29.07% of the company's stock.

PDD Stock Up 0.9 %

Shares of PDD stock traded up $0.89 on Friday, reaching $99.89. 7,203,062 shares of the company were exchanged, compared to its average volume of 10,949,112. The stock's 50 day moving average price is $121.25 and its 200-day moving average price is $126.60. The company has a market cap of $137.44 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 0.28 and a beta of 0.66. PDD Holdings Inc. has a 1-year low of $88.01 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.

Analyst Ratings Changes

PDD has been the topic of several analyst reports. Nomura Securities upgraded PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Barclays cut their price objective on PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a research report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded PDD from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Macquarie raised PDD from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Finally, Daiwa America raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.40.

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.