Raymond James Financial Inc. Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

Raymond James Financial Inc. acquired a new position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 32,105 shares of the company's stock, valued at approximately $3,114,000.

A number of other hedge funds have also recently bought and sold shares of PDD. Gordian Capital Singapore Pte Ltd boosted its position 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 raised its stake 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 worth $5,155,000 after purchasing an additional 14,905 shares during the period. Maple Rock Capital Partners Inc. purchased a new position in shares of PDD in the 3rd quarter worth about $74,221,000. Headwater Capital Co Ltd bought a new position in PDD during the fourth quarter valued at about $9,699,000. Finally, Baillie Gifford & Co. increased its holdings 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 buying an additional 1,942,891 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PDD shares. Benchmark reiterated a "buy" rating and issued a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Nomura Securities downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Citigroup reissued a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. JPMorgan Chase & Co. increased 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. Finally, Jefferies Financial Group lowered their price objective on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $169.91.

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PDD Price Performance

PDD stock traded down $2.10 during midday trading on Monday, reaching $118.35. The company had a trading volume of 6,623,555 shares, compared to its average volume of 10,673,996. The firm has a 50-day moving average price of $118.16 and a 200-day moving average price of $114.47. 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 company has a market capitalization of $162.83 billion, a P/E ratio of 11.56, a P/E/G ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

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.