Teachers Retirement System of The State of Kentucky purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 115,300 shares of the company’s stock, valued at approximately $15,329,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. US Bancorp DE raised its stake in shares of PDD by 65.2% in the fourth quarter. US Bancorp DE now owns 7,578 shares of the company’s stock valued at $1,109,000 after acquiring an additional 2,991 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of PDD by 38.5% in the fourth quarter. California State Teachers Retirement System now owns 180,724 shares of the company’s stock valued at $26,442,000 after acquiring an additional 50,205 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of PDD by 10.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 495,928 shares of the company’s stock valued at $72,559,000 after acquiring an additional 45,823 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of PDD by 6.0% in the fourth quarter. CIBC Asset Management Inc now owns 109,074 shares of the company’s stock valued at $15,959,000 after acquiring an additional 6,192 shares during the last quarter. Finally, Royal London Asset Management Ltd. bought a new position in shares of PDD in the fourth quarter valued at approximately $448,000. Institutional investors own 29.07% of the company’s stock.
PDD Trading Up 8.0 %
NASDAQ PDD opened at $145.64 on Wednesday. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The stock has a 50-day simple moving average of $118.71 and a 200 day simple moving average of $128.87. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $200.38 billion, a PE ratio of 19.29, a P/E/G ratio of 0.28 and a beta of 0.69.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on PDD shares. Benchmark cut their target price on shares of PDD from $230.00 to $185.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Barclays cut their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Jefferies Financial Group lowered their price target on shares of PDD from $193.00 to $151.00 and set a “buy” rating for the company in a report on Monday, August 26th. Sanford C. Bernstein lowered their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a report on Tuesday, August 27th. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $177.78.
View Our Latest Stock Report on PDD
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.
Further Reading
- Five stocks we like better than PDD
- Where Do I Find 52-Week Highs and Lows?
- Why Lennar Stock Could Be the Best Play in the Housing Market
- Most Volatile Stocks, What Investors Need to Know
- 2 Energy Stocks Fueling the AI Datacenter Boom
- How Can Investors Benefit From After-Hours Trading
- Will Marinus Pharmaceuticals Be the Next Big Winner in Biotech?
Receive News & Ratings for PDD Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDD and related companies with MarketBeat.com's FREE daily email newsletter.