Van ECK Associates Corp Purchases 18,178 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Van ECK Associates Corp raised its position in PDD Holdings Inc. (NASDAQ:PDDFree Report) by 112.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,293 shares of the company’s stock after acquiring an additional 18,178 shares during the quarter. Van ECK Associates Corp’s holdings in PDD were worth $3,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. grew its position in shares of PDD by 6.4% during the 4th quarter. Baillie Gifford & Co. now owns 37,960,238 shares of the company’s stock valued at $5,553,962,000 after acquiring an additional 2,292,068 shares during the period. Vanguard Group Inc. increased its holdings in PDD by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 24,163,927 shares of the company’s stock worth $3,535,424,000 after acquiring an additional 62,312 shares in the last quarter. SC US Ttgp LTD. lifted its stake in shares of PDD by 353.6% during the 3rd quarter. SC US Ttgp LTD. now owns 14,447,097 shares of the company’s stock valued at $1,416,827,000 after buying an additional 11,262,075 shares in the last quarter. Hhlr Advisors LTD. boosted its holdings in PDD by 37.5% in the 4th quarter. Hhlr Advisors LTD. now owns 10,110,947 shares of the company’s stock worth $1,479,333,000 after buying an additional 2,760,100 shares during the period. Finally, Norges Bank purchased a new stake in PDD in the 4th quarter worth $1,075,172,000. 29.07% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PDD. Benchmark boosted their price objective on PDD from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. dropped their price target on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research note on Thursday, March 21st. Barclays lifted their price objective on shares of PDD from $178.00 to $224.00 and gave the company an “overweight” rating in a research report on Friday, May 24th. UBS Group increased their price target on PDD from $248.00 to $272.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Finally, The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $184.00 in a research note on Friday, May 24th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, PDD has an average rating of “Buy” and a consensus price target of $188.33.

Get Our Latest Stock Report on PDD

PDD Trading Down 0.8 %

PDD stock opened at $136.19 on Friday. PDD Holdings Inc. has a 12 month low of $67.55 and a 12 month high of $164.69. The firm’s 50-day moving average is $142.40 and its 200 day moving average is $134.46. The company has a market capitalization of $187.38 billion, a PE ratio of 18.04, a P/E/G ratio of 0.24 and a beta of 0.63. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09.

PDD (NASDAQ:PDDGet Free Report) last announced its quarterly earnings results on Wednesday, May 22nd. The company reported $2.63 EPS for the quarter, beating the consensus estimate of $1.44 by $1.19. The firm had revenue of $12.02 billion for the quarter, compared to analyst estimates of $10.62 billion. PDD had a return on equity of 45.04% and a net margin of 26.93%. On average, research analysts anticipate that PDD Holdings Inc. will post 11.41 EPS for the current year.

About PDD

(Free Report)

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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Institutional Ownership by Quarter for PDD (NASDAQ:PDD)

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