NEW THINKING HONG KONG INVESTMENT MANAGEMENT CO. Ltd Invests $2.31 Million in PDD Holdings Inc. (NASDAQ:PDD)

NEW THINKING HONG KONG INVESTMENT MANAGEMENT CO. Ltd purchased a new position in PDD Holdings Inc. (NASDAQ:PDD) during the fourth quarter, HoldingsChannel reports. The firm purchased 23,793 shares of the company’s stock, valued at approximately $2,308,000. PDD accounts for about 25.2% of NEW THINKING HONG KONG INVESTMENT MANAGEMENT CO. Ltd’s investment portfolio, making the stock its 2nd largest position.

Several other institutional investors also recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC purchased a new position in PDD during the 3rd quarter valued at about $27,000. Venturi Wealth Management LLC bought a new position in PDD in the third quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of PDD during the third quarter valued at about $34,000. Nisa Investment Advisors LLC bought a new stake in shares of PDD in the 4th quarter valued at about $39,000. Finally, Carolina Wealth Advisors LLC purchased a new position in shares of PDD in the 3rd quarter worth approximately $66,000. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Trading Up 4.6 %

Shares of PDD stock opened at $110.08 on Tuesday. The stock has a market cap of $151.45 billion, a PE ratio of 10.75, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. The firm has a fifty day moving average price of $101.66 and a 200 day moving average price of $115.10. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group decreased their price objective 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. Benchmark lowered their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Finally, Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and upped their price target for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

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.