Fmr LLC Purchases 4,673,022 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Fmr LLC grew its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 22.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,603,183 shares of the company’s stock after acquiring an additional 4,673,022 shares during the quarter. Fmr LLC owned 1.86% of PDD worth $2,483,253,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of PDD. Jones Financial Companies Lllp increased its stake in PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock valued at $118,000 after buying an additional 97 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares in the last quarter. New York Life Investment Management LLC lifted its stake in PDD by 5.8% during the fourth quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after purchasing an additional 139 shares during the last quarter. Cibc World Markets Corp lifted its stake in PDD by 1.1% in the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock valued at $1,435,000 after purchasing an additional 164 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in PDD by 43.2% in the 4th 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.

Analysts Set New Price Targets

Several equities research analysts recently commented on PDD shares. Jefferies Financial Group decreased their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Nomura Securities cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Nomura reaffirmed a “neutral” rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. lifted their price target on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Trading Down 8.3 %

PDD stock opened at $104.21 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $143.38 billion, a P/E ratio of 10.18, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company’s 50-day simple moving average is $119.14 and its 200-day simple moving average is $114.99.

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.