Allspring Global Investments Holdings LLC Has $5.16 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Allspring Global Investments Holdings LLC grew its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 236.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,264 shares of the company's stock after buying an additional 37,421 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in PDD were worth $5,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Gordian Capital Singapore Pte Ltd lifted its stake in PDD by 1,218.9% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock worth $942,000 after purchasing an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock valued at $5,155,000 after purchasing an additional 14,905 shares during the period. BOCHK Asset Management Ltd lifted its position in PDD by 3,391.7% during the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company's stock valued at $5,649,000 after purchasing an additional 40,700 shares during the period. Maple Rock Capital Partners Inc. purchased a new position in PDD in the 3rd quarter valued at about $74,221,000. Finally, M&G PLC lifted its stake in PDD by 14.2% in the 3rd quarter. M&G PLC now owns 247,417 shares of the company's stock valued at $33,401,000 after buying an additional 30,817 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Stock Performance

Shares of PDD stock traded up $6.06 during trading hours on Friday, reaching $130.47. The stock had a trading volume of 12,658,582 shares, compared to its average volume of 8,576,005. The firm has a market capitalization of $179.51 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.32 and a beta of 0.67. 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 firm has a 50-day simple moving average of $106.54 and a 200-day simple moving average of $114.17. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

Analyst Ratings Changes

A number of research firms have commented on PDD. Benchmark cut their price objective on shares of PDD from $185.00 to $160.00 and set a "buy" rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Jefferies Financial Group dropped their price target on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Finally, Dbs Bank lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.40.

About PDD

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.