NewEdge Wealth LLC purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD – Free Report) during the 4th quarter, HoldingsChannel reports. The fund purchased 2,018 shares of the company’s stock, valued at approximately $295,000.
Other institutional investors have also bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new position in PDD in the 4th quarter valued at $144,000. Cerity Partners LLC raised its position in PDD by 7.0% in the 4th quarter. Cerity Partners LLC now owns 11,270 shares of the company’s stock valued at $1,649,000 after purchasing an additional 735 shares during the last quarter. Custom Index Systems LLC bought a new position in PDD in the 4th quarter valued at $625,000. Toth Financial Advisory Corp bought a new position in PDD in the 4th quarter valued at $407,000. Finally, Sequoia Financial Advisors LLC raised its position in PDD by 10.2% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,195 shares of the company’s stock valued at $614,000 after purchasing an additional 389 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.
PDD Trading Down 0.1 %
NASDAQ PDD opened at $113.43 on Thursday. The stock has a 50-day simple moving average of $122.85 and a 200 day simple moving average of $125.66. The company has a market capitalization of $149.68 billion, a PE ratio of 19.80, a P/E/G ratio of 0.29 and a beta of 0.67. The company has a current ratio of 1.93, a quick ratio of 1.83 and a debt-to-equity ratio of 0.03. PDD Holdings Inc. has a 12 month low of $59.67 and a 12 month high of $152.99.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on PDD shares. Citigroup lifted their price objective on PDD from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. dropped their target price on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, March 21st. Benchmark boosted their target price on PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. The Goldman Sachs Group downgraded PDD from a “buy” rating to a “neutral” rating and set a $136.00 target price for the company. in a research report on Monday, March 11th. Finally, Barclays boosted their target price on PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.85.
About PDD
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.
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