Geode Capital Management LLC Purchases 513,248 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Geode Capital Management LLC boosted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 12.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,686,505 shares of the company’s stock after purchasing an additional 513,248 shares during the quarter. Geode Capital Management LLC’s holdings in PDD were worth $627,104,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD during the third quarter valued at approximately $27,000. Venturi Wealth Management LLC bought a new stake in PDD in the 3rd quarter valued at $29,000. Ashton Thomas Private Wealth LLC purchased a new stake in PDD in the 2nd quarter worth $32,000. Richardson Financial Services Inc. boosted its holdings in shares of PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock valued at $32,000 after purchasing an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the third quarter valued at about $34,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Up 1.2 %

Shares of PDD opened at $104.66 on Friday. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company’s fifty day simple moving average is $118.95 and its 200-day simple moving average is $125.76. The company has a market cap of $144.00 billion, a P/E ratio of 10.22, a P/E/G ratio of 0.30 and a beta of 0.66.

Wall Street Analysts Forecast Growth

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