PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by Wahed Invest LLC

Wahed Invest LLC lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 12.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,626 shares of the company’s stock after acquiring an additional 1,071 shares during the quarter. Wahed Invest LLC’s holdings in PDD were worth $1,298,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PDD. Cetera Investment Advisers acquired a new position in PDD in the first quarter worth approximately $3,987,000. Mather Group LLC. grew its position in PDD by 1,106.3% in the second quarter. Mather Group LLC. now owns 386 shares of the company’s stock worth $51,000 after buying an additional 354 shares during the last quarter. Park Avenue Securities LLC acquired a new position in PDD in the second quarter worth approximately $1,103,000. Simplicity Wealth LLC grew its position in PDD by 5.6% during the 2nd quarter. Simplicity Wealth LLC now owns 5,245 shares of the company’s stock worth $697,000 after purchasing an additional 276 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in PDD by 4.4% during the 2nd quarter. QRG Capital Management Inc. now owns 15,387 shares of the company’s stock worth $2,046,000 after purchasing an additional 652 shares in the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PDD shares. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Barclays decreased their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Jefferies Financial Group decreased 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. Daiwa America raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Nomura Securities raised shares of PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Three equities research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Stock Up 0.3 %

Shares of PDD opened at $99.00 on Friday. The company has a 50-day simple moving average of $121.96 and a 200-day simple moving average of $127.19. The firm has a market capitalization of $136.21 billion, a P/E ratio of 9.67, a P/E/G ratio of 0.28 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

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.