Kamunting Street Capital Management L.P. bought a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 37,272 shares of the company’s stock, valued at approximately $4,955,000. PDD accounts for approximately 4.6% of Kamunting Street Capital Management L.P.’s holdings, making the stock its 8th largest position.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. grew its holdings in PDD by 1.0% during the second quarter. Baillie Gifford & Co. now owns 35,128,410 shares of the company’s stock worth $4,670,322,000 after acquiring an additional 348,130 shares during the period. Vanguard Group Inc. grew its position in PDD by 0.4% in the first quarter. Vanguard Group Inc. now owns 24,261,575 shares of the company’s stock worth $2,820,408,000 after buying an additional 97,648 shares during the last quarter. Hhlr Advisors LTD. lifted its position in shares of PDD by 16.6% during the 1st quarter. Hhlr Advisors LTD. now owns 11,791,547 shares of the company’s stock valued at $1,370,767,000 after acquiring an additional 1,680,600 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of PDD by 16.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,913,780 shares of the company’s stock valued at $786,237,000 after acquiring an additional 826,525 shares during the last quarter. Finally, Tairen Capital Ltd boosted its stake in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after acquiring an additional 1,788,076 shares in the last quarter. Institutional investors own 29.07% of the company’s stock.
PDD Trading Up 2.4 %
Shares of NASDAQ:PDD opened at $102.30 on Tuesday. The firm has a fifty day moving average of $119.26 and a two-hundred day moving average of $128.42. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a market capitalization of $140.75 billion, a P/E ratio of 13.55, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69.
Wall Street Analyst Weigh In
Several brokerages have recently commented on PDD. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and reduced their target price for the company from $194.00 to $120.00 in a report on Tuesday, August 27th. Nomura Securities raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America dropped their target price on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Finally, Barclays lowered their price objective on shares of PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 27th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $177.78.
View Our Latest Stock Report on PDD
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.
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