Lord Abbett & CO. LLC Purchases 14,905 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Lord Abbett & CO. LLC grew its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 63.9% during the 3rd quarter, Holdings Channel reports. The firm owned 38,235 shares of the company’s stock after purchasing an additional 14,905 shares during the period. Lord Abbett & CO. LLC’s holdings in PDD were worth $5,155,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PDD. Gordian Capital Singapore Pte Ltd boosted its holdings in PDD by 1,218.9% during 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. TB Alternative Assets Ltd. boosted its stake in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock worth $23,342,000 after acquiring an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. grew its holdings in PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after purchasing an additional 27,567 shares during the period. Jupiter Asset Management Ltd. increased its stake in PDD by 63.7% in the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock valued at $30,700,000 after purchasing an additional 89,853 shares in the last quarter. Finally, BOCHK Asset Management Ltd raised its holdings in PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after purchasing an additional 40,700 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on PDD shares. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Bank of America cut their price objective on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Benchmark lowered their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Sanford C. Bernstein cut their price target on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Finally, Jefferies Financial Group lowered their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Price Performance

Shares of NASDAQ PDD opened at $99.61 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business has a 50-day moving average of $115.88 and a 200-day moving average of $124.50. The stock has a market capitalization of $137.05 billion, a price-to-earnings ratio of 9.73, a PEG ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

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.