Resona Asset Management Co. Ltd. Invests $16.41 Million in PDD Holdings Inc. (NASDAQ:PDD)

Resona Asset Management Co. Ltd. bought 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 (SEC). The fund bought 169,086 shares of the company's stock, valued at approximately $16,411,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PDD. Nisa Investment Advisors LLC acquired a new position in PDD in the fourth quarter valued at approximately $39,000. Brooklyn Investment Group grew its holdings in shares of PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after purchasing an additional 405 shares during the period. Global Retirement Partners LLC increased its position in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after purchasing an additional 498 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after buying an additional 132 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after buying an additional 249 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Up 0.5 %

PDD stock traded up $0.40 during trading on Friday, reaching $88.75. The stock had a trading volume of 11,054,580 shares, compared to its average volume of 11,123,409. 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 Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $164.69. The stock has a market cap of $122.11 billion, a PE ratio of 8.66, a P/E/G ratio of 0.32 and a beta of 0.73. The business has a 50 day moving average price of $117.08 and a 200 day moving average price of $114.54.

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Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PDD. Citigroup reissued a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Jefferies Financial Group lowered their price target on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Benchmark reiterated a "buy" rating and issued a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Finally, Nomura restated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Five research 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, PDD presently has a consensus rating of "Moderate Buy" and an average price target 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.