Public Employees Retirement System of Ohio Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

Public Employees Retirement System of Ohio purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 325,522 shares of the company's stock, valued at approximately $43,884,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PDD. TB Alternative Assets Ltd. lifted its stake in shares of PDD by 33.7% in the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company's stock worth $23,342,000 after acquiring an additional 43,648 shares during the period. Vontobel Holding Ltd. lifted its position in PDD by 13.3% in the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company's stock valued at $31,589,000 after purchasing an additional 27,567 shares during the period. Jupiter Asset Management Ltd. boosted its holdings in PDD by 63.7% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company's stock valued at $30,700,000 after purchasing an additional 89,853 shares in the last quarter. BOCHK Asset Management Ltd increased its position in PDD by 3,391.7% during the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company's stock worth $5,649,000 after purchasing an additional 40,700 shares during the period. Finally, M&G PLC raised its stake in shares of PDD by 14.2% during the 3rd quarter. M&G PLC now owns 247,417 shares of the company's stock worth $33,401,000 after buying an additional 30,817 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PDD has been the topic of a number of recent analyst reports. Daiwa America raised PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Citigroup cut shares of PDD from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $194.00 to $120.00 in a research note on Tuesday, August 27th. Bank of America lowered their target price on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein decreased their price target on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 27th. Finally, Barclays reduced their price objective on PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a report on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

PDD Price Performance

Shares of PDD traded down $5.84 during trading hours on Tuesday, reaching $104.49. 11,489,456 shares of the company traded hands, compared to its average volume of 10,730,250. The stock has a market capitalization of $143.76 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. The stock has a fifty day simple moving average of $120.76 and a 200 day simple moving average of $126.29. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. 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 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.