IvyRock Asset Management HK Ltd Boosts Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

IvyRock Asset Management HK Ltd lifted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 10.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 930,336 shares of the company’s stock after buying an additional 91,800 shares during the quarter. PDD makes up about 39.8% of IvyRock Asset Management HK Ltd’s holdings, making the stock its biggest holding. IvyRock Asset Management HK Ltd owned 0.07% of PDD worth $90,233,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Gordian Capital Singapore Pte Ltd raised its holdings in PDD by 1,218.9% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after buying an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after acquiring an additional 14,905 shares during the period. Maple Rock Capital Partners Inc. bought a new stake in shares of PDD during the 3rd quarter valued at about $74,221,000. Headwater Capital Co Ltd purchased a new stake in PDD during the fourth quarter valued at approximately $9,699,000. Finally, Baillie Gifford & Co. lifted its holdings in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

Shares of PDD opened at $128.12 on Tuesday. The stock has a market cap of $176.28 billion, a P/E ratio of 12.51, a P/E/G ratio of 0.32 and a beta of 0.69. The stock has a 50-day moving average of $116.40 and a two-hundred day moving average of $113.63. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday. Benchmark restated a “buy” rating and set a $160.00 target price on shares of PDD in a research report on Friday. Nomura restated a “neutral” rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a report on Thursday, March 20th. JPMorgan Chase & Co. raised their price objective on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Jefferies Financial Group dropped their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $169.91.

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.