Vanguard Group Inc. Increases Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Vanguard Group Inc. lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD – Get Rating) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,643,642 shares of the company’s stock after buying an additional 327,833 shares during the period. Vanguard Group Inc. owned about 1.18% of PDD worth $916,399,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Baillie Gifford & Co. boosted its position in PDD by 0.4% in the third quarter. Baillie Gifford & Co. now owns 28,210,841 shares of the company’s stock worth $1,765,435,000 after purchasing an additional 110,737 shares during the last quarter. BlackRock Inc. boosted its position in PDD by 11.7% in 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 last quarter. Hsbc Holdings PLC boosted its position in PDD by 225.8% in 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 last quarter. GQG Partners LLC purchased a new position in PDD in the second quarter worth $380,782,000. Finally, UBS Asset Management Americas Inc. boosted its position in PDD by 92.2% in 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 last quarter. Hedge funds and other institutional investors own 24.24% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the topic of several research analyst reports. KGI Securities raised PDD from a “neutral” rating to an “outperform” rating in a research report on Friday, December 9th. The Goldman Sachs Group upped their price target on PDD from $107.00 to $123.00 and gave the company a “buy” rating in a research report on Monday, January 9th. Benchmark upped their price target on PDD from $107.00 to $112.00 and gave the company a “buy” rating in a research report on Tuesday, November 29th. HSBC upped their price target on PDD from $93.00 to $100.00 in a research report on Tuesday, November 29th. Finally, Barclays upped their price target on PDD from $70.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, November 30th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, PDD has a consensus rating of “Moderate Buy” and a consensus price target of $90.50.

PDD Stock Performance

NASDAQ:PDD opened at $91.17 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.27 and a current ratio of 2.27. PDD Holdings Inc. has a 52-week low of $23.21 and a 52-week high of $106.38. The firm has a market cap of $112.93 billion, a price-to-earnings ratio of 30.59 and a beta of 0.77. The business’s fifty day moving average is $93.39 and its 200 day moving average is $77.51.

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.