Principal Financial Group Inc. boosted its position in shares of Pinduoduo Inc. (NASDAQ:PDD – Get Rating) by 5,824.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 364,843 shares of the company’s stock after acquiring an additional 358,685 shares during the period. Principal Financial Group Inc.’s holdings in Pinduoduo were worth $22,547,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of PDD. DB Wealth Management Group LLC purchased a new stake in shares of Pinduoduo during the 1st quarter worth approximately $25,000. CWM LLC lifted its position in shares of Pinduoduo by 196.3% during the 2nd quarter. CWM LLC now owns 403 shares of the company’s stock worth $25,000 after buying an additional 267 shares during the last quarter. Captrust Financial Advisors lifted its position in shares of Pinduoduo by 108.5% during the 1st quarter. Captrust Financial Advisors now owns 636 shares of the company’s stock worth $26,000 after buying an additional 331 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Pinduoduo by 85.5% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 757 shares of the company’s stock worth $30,000 after buying an additional 349 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Pinduoduo in the 2nd quarter valued at $34,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.
Pinduoduo Stock Performance
NASDAQ:PDD opened at $70.15 on Monday. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.18. Pinduoduo Inc. has a fifty-two week low of $23.21 and a fifty-two week high of $86.45. The stock has a market cap of $86.90 billion, a PE ratio of 32.93 and a beta of 0.59. The firm’s fifty day simple moving average is $60.89 and its 200-day simple moving average is $56.33.
Wall Street Analyst Weigh In
PDD has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Pinduoduo from $75.00 to $65.00 in a research report on Monday, October 31st. HSBC upgraded shares of Pinduoduo from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Tuesday, August 30th. Nomura upgraded shares of Pinduoduo from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 30th. Benchmark upped their price target on shares of Pinduoduo from $85.00 to $107.00 in a research report on Monday, August 29th. Finally, Bank of America upped their price target on shares of Pinduoduo from $77.00 to $89.00 and gave the company a “buy” rating in a research report on Tuesday, August 30th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.27.
Pinduoduo Inc, through its subsidiaries, operates an e-commerce platform in the People's Republic of China. It operates Pinduoduo, a mobile platform that offers a range of products, including apparel, shoes, bags, mother and childcare products, food and beverages, fresh produce, electronic appliances, furniture and household goods, cosmetics and other personal care items, sports and fitness items, and auto accessories.
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