PDD Holdings Inc. (NASDAQ:PDD) Stake Increased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 71.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,323 shares of the company's stock after purchasing an additional 17,286 shares during the quarter. Thrivent Financial for Lutherans' holdings in PDD were worth $4,008,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Gordian Capital Singapore Pte Ltd grew its position in PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company's stock valued at $942,000 after buying an additional 6,460 shares during the last quarter. 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 during the last quarter. Maple Rock Capital Partners Inc. acquired a new stake in shares of PDD during the third quarter valued at $74,221,000. Headwater Capital Co Ltd purchased a new stake in shares of PDD during the fourth quarter worth about $9,699,000. Finally, Baillie Gifford & Co. raised its holdings in PDD by 5.4% in the 4th 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 during the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Down 3.7 %

PDD stock traded down $4.60 during trading on Friday, reaching $119.77. The stock had a trading volume of 3,780,205 shares, compared to its average volume of 10,662,835. The firm has a fifty day moving average price of $117.86 and a 200 day moving average price of $113.99. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $164.78 billion, a P/E ratio of 11.69, a PEG 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.

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Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PDD shares. JPMorgan Chase & Co. lifted their target price on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group decreased their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Finally, Nomura reissued a "neutral" rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, PDD presently has a consensus rating of "Moderate Buy" and an average target price 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.