abrdn plc Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

abrdn plc increased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 12.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,397,319 shares of the company’s stock after purchasing an additional 157,099 shares during the quarter. abrdn plc owned approximately 0.10% of PDD worth $136,588,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Institute for Wealth Management LLC. boosted its stake in PDD by 9.2% in the 4th quarter. Institute for Wealth Management LLC. now owns 2,980 shares of the company’s stock worth $289,000 after buying an additional 251 shares during the last quarter. Synergy Asset Management LLC boosted its stake in PDD by 138.8% in the 4th quarter. Synergy Asset Management LLC now owns 205,740 shares of the company’s stock worth $19,955,000 after buying an additional 119,580 shares during the last quarter. Pacer Advisors Inc. boosted its stake in PDD by 1.6% in the 4th quarter. Pacer Advisors Inc. now owns 33,287 shares of the company’s stock worth $3,229,000 after buying an additional 531 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in PDD in the 4th quarter worth about $1,343,000. Finally, Blue Trust Inc. boosted its stake in PDD by 33.7% in the 4th quarter. Blue Trust Inc. now owns 6,132 shares of the company’s stock worth $595,000 after buying an additional 1,547 shares during the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the topic of a number of research analyst reports. Benchmark decreased their price target on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group reduced their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, PDD has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Trading Down 6.0 %

PDD opened at $105.24 on Tuesday. The firm has a market capitalization of $144.80 billion, a P/E ratio of 10.28, a P/E/G ratio of 0.29 and a beta of 0.66. The firm’s 50 day moving average is $101.66 and its 200-day moving average is $115.10. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

About PDD

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.