Wellington Management Group LLP Raises Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Wellington Management Group LLP boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 55.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 888,438 shares of the company's stock after buying an additional 318,618 shares during the quarter. Wellington Management Group LLP owned approximately 0.06% of PDD worth $119,770,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in PDD by 1,374.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock worth $1,772,106,000 after buying an additional 12,253,589 shares during the period. H&H International Investment LLC raised its position in shares of PDD by 3,693.8% during the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company's stock worth $526,784,000 after purchasing an additional 3,804,600 shares during the period. Acadian Asset Management LLC raised its position in shares of PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company's stock worth $487,984,000 after purchasing an additional 1,904,155 shares during the period. Tairen Capital Ltd lifted its holdings in shares of PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock worth $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. Finally, FMR LLC grew its position in PDD by 8.6% in the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company's stock valued at $2,821,595,000 after purchasing an additional 1,654,764 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Sanford C. Bernstein decreased their price objective on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research note on Tuesday, August 27th. Citigroup cut PDD from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Barclays reduced their price target on shares of PDD from $224.00 to $158.00 and set an "overweight" rating for the company in a research report on Tuesday, August 27th. Dbs Bank downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Finally, Macquarie upgraded shares of PDD from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and an average price target of $173.40.

PDD Trading Down 5.3 %

Shares of PDD stock traded down $5.84 during mid-day trading on Tuesday, reaching $104.49. The stock had a trading volume of 11,487,646 shares, compared to its average volume of 10,730,250. The firm has a market capitalization of $143.76 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. The stock's 50-day moving average price is $120.76 and its two-hundred day moving average price is $126.29. 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 Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69.

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.