Royal London Asset Management Ltd. Acquires 630,900 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Royal London Asset Management Ltd. boosted its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 82,362.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 631,666 shares of the company's stock after purchasing an additional 630,900 shares during the quarter. Royal London Asset Management Ltd.'s holdings in PDD were worth $61,265,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. OneDigital Investment Advisors LLC lifted its stake in PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock worth $354,000 after purchasing an additional 166 shares during the last quarter. Prospera Financial Services Inc lifted its position in shares of PDD by 27.1% during the 3rd quarter. Prospera Financial Services Inc now owns 4,842 shares of the company's stock worth $653,000 after buying an additional 1,033 shares during the last quarter. Avior Wealth Management LLC boosted its stake in PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock valued at $68,000 after buying an additional 169 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in PDD in the third quarter valued at about $27,000. Finally, Advisors Asset Management Inc. grew its position in PDD by 39.9% in the third quarter. Advisors Asset Management Inc. now owns 4,148 shares of the company's stock valued at $559,000 after acquiring an additional 1,184 shares during the last quarter. Institutional investors own 39.83% of the company's stock.

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PDD Trading Down 2.2 %

Shares of PDD stock traded down $2.87 during midday trading on Tuesday, reaching $125.25. The company had a trading volume of 7,815,603 shares, compared to its average volume of 10,414,537. The stock has a fifty day moving average price of $116.40 and a 200 day moving average price of $113.63. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The firm has a market cap of $172.33 billion, a PE ratio of 12.23, a P/E/G ratio of 0.32 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

Analyst Ratings Changes

A number of research firms have recently weighed in on PDD. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday. Benchmark restated a "buy" rating and issued a $160.00 target price on shares of PDD in a research report on Friday. Nomura reiterated a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group cut their price objective on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. upped their target price on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday. 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. Based on data from MarketBeat.com, PDD currently has an average rating of "Moderate Buy" and an average target price of $169.91.

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.