Focus Financial Network Inc. Purchases Shares of 2,143 PDD Holdings Inc. (NASDAQ:PDD)

Focus Financial Network Inc. purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,143 shares of the company’s stock, valued at approximately $208,000.

Several other hedge funds have also recently modified their holdings of the stock. Gordian Capital Singapore Pte Ltd boosted its stake in PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after purchasing an additional 6,460 shares in the last quarter. Lord Abbett & CO. LLC lifted its stake in shares of PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after buying an additional 14,905 shares during the period. TB Alternative Assets Ltd. grew its holdings in shares of PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after buying an additional 43,648 shares during the last quarter. BOCHK Asset Management Ltd increased its position in shares of PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after acquiring an additional 40,700 shares during the period. Finally, Maple Rock Capital Partners Inc. purchased a new position in PDD in the 3rd quarter worth $74,221,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark cut their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group dropped their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

PDD Trading Up 2.2 %

PDD stock opened at $124.16 on Friday. 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. The firm has a market cap of $170.83 billion, a P/E ratio of 12.13, a PEG ratio of 0.29 and a beta of 0.67. The company’s 50-day simple moving average is $104.48 and its 200-day simple moving average is $114.23.

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.