PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lifted its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 28.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 133,990 shares of the company's stock after purchasing an additional 29,990 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in PDD were worth $12,996,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in PDD. Lord Abbett & CO. LLC lifted its position in shares of PDD by 63.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock valued at $5,155,000 after acquiring an additional 14,905 shares during the period. Headwater Capital Co Ltd purchased a new position in PDD in the 4th quarter valued at approximately $9,699,000. Renaissance Technologies LLC raised its holdings in PDD by 56.3% during the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after purchasing an additional 341,300 shares during the last quarter. Baillie Gifford & Co. boosted its position in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in PDD in the fourth quarter valued at $4,685,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

Wall Street Analysts Forecast Growth

PDD has been the subject of several research reports. JPMorgan Chase & Co. lifted their price target on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Nomura reissued a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Citigroup restated a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. Finally, Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, PDD currently has an average rating of "Moderate Buy" and an average price target of $169.91.

PDD Stock Up 0.7 %

Shares of NASDAQ:PDD opened at $94.36 on Tuesday. PDD Holdings Inc. has a 12-month low of $87.11 and a 12-month high of $164.69. The stock's 50-day moving average price is $114.07 and its two-hundred day moving average price is $112.09. 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 firm has a market cap of $129.83 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 0.32 and a beta of 0.73.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.