Fred Alger Management LLC Buys Shares of 234,162 PDD Holdings Inc. (NASDAQ:PDD)

Fred Alger Management LLC bought a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD – Get Rating) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 234,162 shares of the company’s stock, valued at approximately $14,654,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Neuberger Berman Group LLC bought a new stake in shares of PDD in the 3rd quarter valued at $1,018,000. Alliancebernstein L.P. increased its position in shares of PDD by 16.3% in the 3rd quarter. Alliancebernstein L.P. now owns 73,316 shares of the company’s stock valued at $4,588,000 after buying an additional 10,276 shares in the last quarter. Colony Group LLC increased its position in shares of PDD by 10.5% in the 3rd quarter. Colony Group LLC now owns 13,827 shares of the company’s stock valued at $865,000 after buying an additional 1,310 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of PDD by 4.5% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 10,117 shares of the company’s stock valued at $633,000 after buying an additional 439 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in shares of PDD by 3.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 64,448 shares of the company’s stock valued at $4,033,000 after buying an additional 1,955 shares in the last quarter. Institutional investors own 24.24% of the company’s stock.

PDD Price Performance

PDD stock opened at $92.73 on Wednesday. The firm has a 50-day moving average of $93.55 and a 200-day moving average of $77.76. PDD Holdings Inc. has a one year low of $23.21 and a one year high of $106.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.27 and a current ratio of 2.27.

Analyst Upgrades and Downgrades

A number of analysts recently commented on PDD shares. Morgan Stanley upgraded shares of PDD from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $77.00 to $113.00 in a research report on Thursday, March 2nd. Barclays upped their price objective on shares of PDD from $70.00 to $84.00 and gave the company an “overweight” rating in a research report on Wednesday, November 30th. HSBC upped their target price on shares of PDD from $93.00 to $100.00 in a research note on Tuesday, November 29th. Benchmark upped their target price on shares of PDD from $107.00 to $112.00 and gave the stock a “buy” rating in a research note on Tuesday, November 29th. Finally, Macquarie upped their target price on shares of PDD from $104.00 to $122.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 29th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.50.

PDD Company Profile

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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.