PDD Holdings Inc. (NASDAQ:PDD) Holdings Increased by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 309,285 shares of the company's stock after acquiring an additional 34,390 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in PDD were worth $29,999,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in PDD during the 3rd quarter worth $27,000. Nisa Investment Advisors LLC acquired a new position in PDD during the 4th quarter worth $39,000. Avior Wealth Management LLC grew its holdings in PDD by 50.9% during the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock worth $68,000 after acquiring an additional 169 shares in the last quarter. Brooklyn Investment Group lifted its position in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after buying an additional 405 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its position in shares of PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after buying an additional 498 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PDD. Benchmark reduced their price target on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. downgraded shares of PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their price target on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and an average target price of $171.90.

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PDD Stock Performance

NASDAQ:PDD traded up $5.00 during mid-day trading on Thursday, hitting $130.92. The stock had a trading volume of 33,320,573 shares, compared to its average volume of 10,463,986. The stock has a market capitalization of $180.13 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 0.32 and a beta of 0.69. The company has a 50 day simple moving average of $114.50 and a 200-day simple moving average of $112.79. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week 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.

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.