NewEdge Advisors LLC Acquires 7,868 Shares of PDD Holdings Inc. (NASDAQ:PDD)

NewEdge Advisors LLC increased its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 115.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,672 shares of the company's stock after purchasing an additional 7,868 shares during the quarter. NewEdge Advisors LLC's holdings in PDD were worth $1,423,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Nisa Investment Advisors LLC purchased a new position in shares of PDD in the fourth quarter worth about $39,000. Brooklyn Investment Group grew its stake in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock valued at $51,000 after buying an additional 405 shares in the last quarter. Global Retirement Partners LLC raised its holdings in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock valued at $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC raised its holdings in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after acquiring an additional 132 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after acquiring an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Price Performance

NASDAQ:PDD traded up $0.74 during midday trading on Friday, hitting $104.01. The company had a trading volume of 5,059,614 shares, compared to its average volume of 11,285,109. The company has a market capitalization of $143.10 billion, a PE ratio of 10.16, a P/E/G ratio of 0.32 and a beta of 0.73. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $164.69. The stock's fifty day moving average price is $112.23 and its 200-day moving average price is $111.08.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Citigroup reiterated a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. Benchmark reiterated a "buy" rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday, March 21st. Finally, Nomura reiterated a "neutral" rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five equities research 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's stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of "Moderate Buy" and an average price target of $169.91.

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.