SVB Wealth LLC Takes $421,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

SVB Wealth LLC purchased a new position in PDD Holdings Inc. (NASDAQ:PDD) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,338 shares of the company’s stock, valued at approximately $421,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PDD. Central Asset Investments & Management Holdings HK Ltd bought a new stake in PDD in the fourth quarter valued at about $339,000. New York Life Investment Management LLC grew its position in shares of PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after acquiring an additional 139 shares in the last quarter. GenTrust LLC acquired a new position in shares of PDD in the 4th quarter worth approximately $323,000. National Pension Service raised its position in shares of PDD by 0.5% during the 4th quarter. National Pension Service now owns 181,311 shares of the company’s stock valued at $17,585,000 after acquiring an additional 944 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in PDD by 789.1% during the fourth quarter. Los Angeles Capital Management LLC now owns 62,827 shares of the company’s stock worth $6,094,000 after purchasing an additional 55,761 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on PDD shares. Jefferies Financial Group lowered their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Benchmark decreased their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, PDD has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Trading Up 0.7 %

NASDAQ:PDD opened at $113.41 on Wednesday. The stock has a fifty day simple moving average of $109.38 and a 200 day simple moving average of $112.66. The firm has a market capitalization of $156.04 billion, a price-to-earnings ratio of 11.08, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

PDD Company Profile

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.