Mitsubishi UFJ Asset Management Co. Ltd. Raises Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 4.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 643,791 shares of the company's stock after purchasing an additional 25,802 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in PDD were worth $62,332,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its holdings in shares of PDD by 8.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after purchasing an additional 97 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after acquiring an additional 132 shares during the last quarter. New York Life Investment Management LLC boosted its stake in PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock worth $245,000 after purchasing an additional 139 shares in the last quarter. Cibc World Markets Corp grew its position in PDD by 1.1% during the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock valued at $1,435,000 after purchasing an additional 164 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after buying an additional 249 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PDD shares. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Jefferies Financial Group decreased their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Benchmark reissued a "buy" rating and issued a $160.00 price objective on shares of PDD in a research note on Friday, March 21st. Finally, Citigroup reaffirmed a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, PDD has an average rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Stock Down 1.7 %

NASDAQ PDD traded down $2.10 during trading on Monday, hitting $118.35. The company's stock had a trading volume of 6,745,772 shares, compared to its average volume of 10,674,012. The business's 50 day simple moving average is $118.16 and its 200-day simple moving average is $114.47. 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 market cap of $162.83 billion, a PE ratio of 11.56, a P/E/G ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

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.