Financial Counselors Inc. Takes $264,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

Financial Counselors Inc. bought a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,962 shares of the company’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after acquiring an additional 12,253,589 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of PDD by 6.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 343,994 shares of the company’s stock worth $46,374,000 after purchasing an additional 22,300 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of PDD by 6.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 363,958 shares of the company’s stock valued at $49,065,000 after purchasing an additional 21,348 shares in the last quarter. BNP Paribas acquired a new position in shares of PDD in the 3rd quarter valued at $475,000. Finally, Townsquare Capital LLC boosted its holdings in PDD by 51.7% during the third quarter. Townsquare Capital LLC now owns 3,810 shares of the company’s stock worth $514,000 after buying an additional 1,298 shares in the last quarter. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on PDD shares. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Sanford C. Bernstein dropped their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. Bank of America reduced their target price on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Price Performance

PDD stock opened at $96.56 on Monday. The company has a fifty day simple moving average of $123.25 and a 200-day simple moving average of $128.24. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $132.85 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.28 and a beta of 0.71. 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.