Fred Alger Management LLC Invests $14.65 Million in PDD Holdings Inc. (NASDAQ:PDD)

Fred Alger Management LLC bought a new position in shares of PDD Holdings Inc. (NASDAQ:PDD – Get Rating) during the 3rd quarter, Holdings Channel.com reports. The fund bought 234,162 shares of the company’s stock, valued at approximately $14,654,000.

Several other hedge funds also recently made changes to their positions in PDD. GQG Partners LLC bought a new position in shares of PDD during the second quarter worth approximately $380,782,000. Hsbc Holdings PLC increased its holdings in shares of PDD by 225.8% during the third quarter. Hsbc Holdings PLC now owns 7,011,037 shares of the company’s stock worth $438,745,000 after purchasing an additional 4,859,204 shares during the period. UBS Asset Management Americas Inc. increased its holdings in shares of PDD by 92.2% during the second quarter. UBS Asset Management Americas Inc. now owns 5,390,519 shares of the company’s stock worth $333,134,000 after purchasing an additional 2,585,443 shares during the period. BlackRock Inc. increased its holdings in shares of PDD by 11.7% during the third quarter. BlackRock Inc. now owns 23,309,402 shares of the company’s stock worth $1,458,702,000 after purchasing an additional 2,437,558 shares during the period. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of PDD during the 1st quarter worth approximately $72,253,000. 24.24% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Citigroup increased their price target on shares of PDD from $79.00 to $111.00 and gave the stock a “buy” rating in a research report on Tuesday, November 29th. KGI Securities upgraded shares of PDD from a “neutral” rating to an “outperform” rating in a research report on Friday, December 9th. Barclays increased their price target on shares of PDD from $70.00 to $84.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 30th. The Goldman Sachs Group increased their price target on shares of PDD from $107.00 to $123.00 and gave the stock a “buy” rating in a research report on Monday, January 9th. Finally, HSBC raised their target price on shares of PDD from $93.00 to $100.00 in a research report on Tuesday, November 29th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.50.

PDD Stock Performance

Shares of NASDAQ:PDD opened at $92.73 on Wednesday. The firm’s fifty day moving average is $93.55 and its 200-day moving average is $77.76. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.15. PDD Holdings Inc. has a 52 week low of $23.21 and a 52 week high of $106.38.

About PDD

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PDD Holdings, Inc is a commerce group that owns and operates a portfolio of businesses, including Pinduoduo, a social commerce platform in China with agriculture as one of its pillars, and Temu, an e-commerce marketplace in North America. The company aims to bring more businesses and people into the digital economy so that local communities and small businesses can benefit from increased productivity and new opportunities.