US Bancorp DE Increases Position in PDD Holdings Inc. (NASDAQ:PDD)

US Bancorp DE lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 14.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,079 shares of the company’s stock after acquiring an additional 1,127 shares during the period. US Bancorp DE’s holdings in PDD were worth $881,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Prospera Private Wealth LLC purchased a new stake in shares of PDD during the 3rd quarter valued at $27,000. Venturi Wealth Management LLC bought a new position in PDD during the third quarter valued at about $29,000. Nisa Investment Advisors LLC purchased a new stake in PDD during the fourth quarter worth about $39,000. Avior Wealth Management LLC raised its position in PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after acquiring an additional 169 shares during the period. Finally, Brooklyn Investment Group boosted its stake in PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

PDD stock opened at $119.92 on Monday. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year 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 firm has a market capitalization of $164.99 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The firm’s 50 day simple moving average is $110.66 and its 200 day simple moving average is $112.09.

Analysts Set New Price Targets

PDD has been the subject of several research analyst reports. Benchmark decreased their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $173.40.

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.