TOMS Capital Investment Management LP Makes New Investment in PDD Holdings Inc. (NASDAQ:PDD)

TOMS Capital Investment Management LP purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 14,300 shares of the company’s stock, valued at approximately $1,928,000. PDD comprises about 0.1% of TOMS Capital Investment Management LP’s portfolio, making the stock its 17th biggest position.

Other hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after acquiring an additional 12,253,589 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of PDD by 107.8% in the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after purchasing an additional 1,904,155 shares in the last quarter. Tairen Capital Ltd raised its position in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares during the period. FMR LLC raised its position in shares of PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after purchasing an additional 1,654,764 shares during the period. Finally, Dragoneer Investment Group LLC boosted its holdings in PDD by 142.6% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after buying an additional 1,540,346 shares during the period. Institutional investors own 29.07% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PDD shares. Sanford C. Bernstein decreased their price target on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Bank of America reduced their price objective on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Benchmark lowered their target price 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 analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

PDD Trading Down 2.3 %

PDD opened at $96.56 on Monday. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 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 stock has a 50-day moving average of $123.25 and a 200 day moving average of $128.24. The firm has a market cap of $132.85 billion, a P/E ratio of 9.43, a P/E/G ratio of 0.28 and a beta of 0.71.

PDD Company 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.