Belpointe Asset Management LLC Acquires 335 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Belpointe Asset Management LLC increased its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 3.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 9,690 shares of the company’s stock after acquiring an additional 335 shares during the quarter. Belpointe Asset Management LLC’s holdings in PDD were worth $931,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC lifted its position in shares of PDD by 63.9% during the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after buying an additional 14,905 shares in the last quarter. Headwater Capital Co Ltd purchased a new position in PDD during the fourth quarter valued at approximately $9,699,000. Baillie Gifford & Co. boosted its position in shares of PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. Renaissance Technologies LLC increased its stake in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company’s stock worth $91,898,000 after purchasing an additional 341,300 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of PDD during the 4th quarter valued at $4,685,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.7 %

Shares of NASDAQ:PDD opened at $94.07 on Wednesday. The company has a market cap of $129.43 billion, a price-to-earnings ratio of 9.19, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $115.93 and a 200 day moving average price of $113.85.

Analysts Set New Price Targets

PDD has been the subject of several recent analyst reports. Nomura reaffirmed a “neutral” rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group cut their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Nomura Securities cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Citigroup restated a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. Finally, Benchmark reiterated a “buy” rating and set a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. 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 stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.91.

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.