Ninety One North America Inc. Purchases Shares of 369,717 PDD Holdings Inc. (NASDAQ:PDD)

Ninety One North America Inc. acquired a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 369,717 shares of the company’s stock, valued at approximately $54,093,000. PDD accounts for approximately 2.6% of Ninety One North America Inc.’s portfolio, making the stock its 16th biggest position.

Other hedge funds also recently made changes to their positions in the company. SC US Ttgp LTD. boosted its stake in PDD by 1,414.4% in the 3rd quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock worth $4,730,242,000 after purchasing an additional 45,048,300 shares during the period. Vanguard Group Inc. boosted its stake in PDD by 38.0% in the 3rd quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock worth $2,363,645,000 after purchasing an additional 6,637,418 shares during the period. Norges Bank bought a new position in PDD in the 4th quarter worth approximately $501,089,000. Baillie Gifford & Co. boosted its stake in PDD by 14.4% in the 3rd quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock worth $3,497,977,000 after purchasing an additional 4,501,126 shares during the period. Finally, FMR LLC boosted its stake in PDD by 32.6% in the 3rd quarter. FMR LLC now owns 17,635,104 shares of the company’s stock worth $1,729,475,000 after purchasing an additional 4,334,186 shares during the period. 29.07% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PDD has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their price objective on PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, March 21st. Benchmark upped their price objective on PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Jefferies Financial Group upped their price objective on PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. The Goldman Sachs Group cut PDD from a “buy” rating to a “neutral” rating and set a $136.00 price objective on the stock. in a report on Monday, March 11th. Finally, Citigroup upped their price objective on PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and an average price target of $146.85.

PDD Trading Up 1.5 %

NASDAQ:PDD traded up $1.67 during midday trading on Thursday, hitting $115.10. 2,909,955 shares of the company traded hands, compared to its average volume of 8,203,691. The firm’s fifty day moving average is $122.85 and its 200-day moving average is $125.66. The firm has a market capitalization of $151.88 billion, a P/E ratio of 20.08, a P/E/G ratio of 0.29 and a beta of 0.67. The company has a current ratio of 1.93, a quick ratio of 1.83 and a debt-to-equity ratio of 0.03. PDD Holdings Inc. has a 12-month low of $59.67 and a 12-month high of $152.99.

PDD (NASDAQ:PDD) last announced its quarterly earnings data on Wednesday, March 20th. The company reported $2.23 EPS for the quarter, beating the consensus estimate of $1.42 by $0.81. The company had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $11.80 billion. PDD had a return on equity of 39.10% and a net margin of 24.23%. On average, sell-side analysts predict that PDD Holdings Inc. will post 7.85 EPS for the current year.

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.