Institute for Wealth Management LLC. Acquires 251 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Institute for Wealth Management LLC. boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 9.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,980 shares of the company’s stock after purchasing an additional 251 shares during the period. Institute for Wealth Management LLC.’s holdings in PDD were worth $289,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PDD. Creative Planning increased its stake in PDD by 29.4% in the second quarter. Creative Planning now owns 20,625 shares of the company’s stock valued at $2,742,000 after acquiring an additional 4,680 shares during the period. NewEdge Advisors LLC grew its stake in PDD by 9.4% during the second quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock worth $2,022,000 after buying an additional 1,304 shares during the last quarter. Cetera Investment Advisers grew its stake in PDD by 21.2% during the second quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock worth $5,525,000 after buying an additional 7,255 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in PDD during the second quarter worth about $1,211,000. Finally, Peoples Bank KS bought a new stake in PDD during the third quarter worth about $67,000. Institutional investors own 39.83% of the company’s stock.

PDD Trading Down 3.0 %

PDD opened at $111.91 on Friday. The firm’s fifty day moving average is $101.42 and its two-hundred day moving average is $115.54. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $153.97 billion, a PE ratio of 10.93, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PDD. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and increased their price target for the company from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group decreased their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, Benchmark cut their price objective 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. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $173.40.

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.