Johnson Investment Counsel Inc. Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Johnson Investment Counsel Inc. grew its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 4.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,825 shares of the company’s stock after buying an additional 264 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in PDD were worth $662,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PDD. Venturi Wealth Management LLC purchased a new stake in shares of PDD during the third quarter worth approximately $29,000. Apollon Wealth Management LLC increased its position in shares of PDD by 12.0% during the third quarter. Apollon Wealth Management LLC now owns 2,614 shares of the company’s stock worth $352,000 after purchasing an additional 281 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of PDD by 16.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,680,380 shares of the company’s stock worth $226,532,000 after purchasing an additional 232,181 shares in the last quarter. Prime Capital Investment Advisors LLC increased its position in shares of PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares in the last quarter. Finally, ICICI Prudential Asset Management Co Ltd increased its position in shares of PDD by 18.8% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 8,719 shares of the company’s stock worth $1,175,000 after purchasing an additional 1,382 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PDD. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Benchmark lowered their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Three investment 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Stock Performance

Shares of PDD stock opened at $117.86 on Thursday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The business’s fifty day simple moving average is $111.92 and its 200-day simple moving average is $111.76. The firm has a market cap of $162.16 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. 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.