Pitcairn Co. Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Pitcairn Co. purchased a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,482 shares of the company's stock, valued at approximately $338,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC raised its stake in PDD by 100.5% during the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock valued at $559,000 after buying an additional 800,614 shares in the last quarter. Quantinno Capital Management LP grew its position in shares of PDD by 381.3% during the third quarter. Quantinno Capital Management LP now owns 30,411 shares of the company's stock worth $4,100,000 after acquiring an additional 24,092 shares during the last quarter. Stifel Financial Corp grew its position in PDD by 172.8% in the 3rd quarter. Stifel Financial Corp now owns 6,400 shares of the company's stock worth $863,000 after purchasing an additional 4,054 shares during the last quarter. Wellington Management Group LLP increased its position in PDD by 55.9% in the 3rd quarter. Wellington Management Group LLP now owns 888,438 shares of the company's stock valued at $119,770,000 after acquiring an additional 318,618 shares during the period. Finally, Insigneo Advisory Services LLC acquired a new position in shares of PDD during the third quarter valued at $211,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Up 2.4 %

Shares of PDD traded up $2.15 during trading hours on Friday, hitting $90.50. 21,093,347 shares of the company were exchanged, compared to its average volume of 11,188,670. The firm's 50 day moving average is $116.61 and its 200-day moving average is $114.38. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52 week low of $87.11 and a 52 week high of $164.69. The company has a market cap of $124.52 billion, a PE ratio of 8.84, a PEG ratio of 0.32 and a beta of 0.73.

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Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Citigroup reaffirmed a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Benchmark restated a "buy" rating and issued a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Finally, Nomura reiterated a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

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.