Contrarius Group Holdings Ltd Buys New Shares in PDD Holdings Inc. (NASDAQ:PDD)

Contrarius Group Holdings Ltd bought a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 103,714 shares of the company’s stock, valued at approximately $10,059,000. PDD comprises 0.6% of Contrarius Group Holdings Ltd’s investment portfolio, making the stock its 29th largest position.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PDD. Prospera Private Wealth LLC acquired a new stake in PDD during the third quarter valued at approximately $27,000. Nisa Investment Advisors LLC purchased a new stake in shares of PDD in the 4th quarter valued at approximately $39,000. Brooklyn Investment Group lifted its position in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of 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 acquiring an additional 132 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Benchmark reduced their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Stock Down 0.7 %

PDD stock opened at $125.92 on Thursday. The firm has a market cap of $173.25 billion, a PE ratio of 12.30, 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 quick ratio of 2.15 and a current ratio of 2.15. The firm’s 50 day moving average price is $114.50 and its two-hundred day moving average price is $112.79. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

PDD Company 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.