Resona Asset Management Co. Ltd. Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

Resona Asset Management Co. Ltd. purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 4th quarter, Holdings Channel.com reports. The fund purchased 169,086 shares of the company’s stock, valued at approximately $16,411,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Nisa Investment Advisors LLC acquired a new position in PDD during the 4th quarter worth $39,000. Brooklyn Investment Group raised its position in shares of PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after acquiring an additional 405 shares during the last quarter. Global Retirement Partners LLC lifted its stake in shares of PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC boosted its holdings in PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after acquiring an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after purchasing an additional 249 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD opened at $104.21 on Friday. The stock has a 50 day simple moving average of $119.14 and a 200 day simple moving average of $114.99. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market capitalization of $143.38 billion, a PE ratio of 10.18, a P/E/G ratio of 0.32 and a beta of 0.73.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PDD shares. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. lifted their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Benchmark reissued a “buy” rating and issued a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Nomura reaffirmed a “neutral” rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, Citigroup reiterated a “neutral” rating on shares of PDD in a report on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $169.91.

PDD 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.