Renaissance Technologies LLC Grows Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Renaissance Technologies LLC increased its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 56.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 947,500 shares of the company's stock after purchasing an additional 341,300 shares during the period. Renaissance Technologies LLC owned 0.07% of PDD worth $91,898,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Lord Abbett & CO. LLC grew its holdings in PDD by 63.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock valued at $5,155,000 after buying an additional 14,905 shares in the last quarter. Headwater Capital Co Ltd bought a new position in shares of PDD during the fourth quarter worth $9,699,000. Baillie Gifford & Co. grew its stake in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in PDD in the 4th quarter valued at $4,685,000. Finally, Alberta Investment Management Corp lifted its stake in PDD by 12.6% in the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock worth $18,434,000 after purchasing an additional 21,302 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

PDD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price objective on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Nomura reaffirmed 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. Benchmark reaffirmed a "buy" rating and set a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Jefferies Financial Group cut their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Finally, Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

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PDD Trading Up 5.8 %

Shares of PDD stock traded up $5.24 during trading hours on Monday, reaching $95.74. 10,757,284 shares of the stock were exchanged, compared to its average volume of 11,198,714. The firm has a market capitalization of $131.73 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 12-month low of $87.11 and a 12-month high of $164.69. The company's 50-day moving average price is $116.61 and its 200-day moving average price is $114.28. 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.