Maple Rock Capital Partners Inc. Buys Shares of 550,560 PDD Holdings Inc. (NASDAQ:PDD)

Maple Rock Capital Partners Inc. acquired a new stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 550,560 shares of the company's stock, valued at approximately $74,221,000. PDD accounts for about 2.1% of Maple Rock Capital Partners Inc.'s investment portfolio, making the stock its 9th biggest position.

A number of other hedge funds have also recently modified their holdings of the company. Prospera Private Wealth LLC purchased a new position in shares of PDD in the third quarter valued at approximately $27,000. Venturi Wealth Management LLC acquired a new stake in PDD in the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC acquired a new stake in PDD in the second quarter valued at approximately $32,000. Richardson Financial Services Inc. raised its holdings 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 in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in PDD during the third quarter worth approximately $34,000. Hedge funds and other institutional investors own 29.07% of the company's stock.

PDD Price Performance

Shares of NASDAQ:PDD traded up $0.26 on Wednesday, reaching $98.71. 10,354,600 shares of the company were exchanged, compared to its average volume of 10,672,405. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $122.87 and a 200-day moving average of $127.59. The firm has a market cap of $135.81 billion, a price-to-earnings ratio of 9.64, a price-to-earnings-growth ratio of 0.28 and a beta of 0.66.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Citigroup cut shares of PDD from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Macquarie raised shares of 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 report on Monday, October 7th. Nomura Securities upgraded shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Finally, Daiwa America upgraded shares of PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, PDD presently has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

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.