Contrarius Group Holdings Ltd Invests $10.06 Million in PDD Holdings Inc. (NASDAQ:PDD)

Contrarius Group Holdings Ltd purchased a new position in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 103,714 shares of the company’s stock, valued at approximately $10,059,000. PDD comprises 0.6% of Contrarius Group Holdings Ltd’s investment portfolio, making the stock its 29th biggest position.

Other hedge funds also recently modified their holdings of the company. iA Global Asset Management Inc. grew its stake in PDD by 1.7% in the 4th quarter. iA Global Asset Management Inc. now owns 81,048 shares of the company’s stock valued at $7,861,000 after buying an additional 1,393 shares during the last quarter. Royal London Asset Management Ltd. grew its stake in PDD by 82,362.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 631,666 shares of the company’s stock valued at $61,265,000 after buying an additional 630,900 shares during the last quarter. Vinva Investment Management Ltd grew its stake in PDD by 65.3% in the 4th quarter. Vinva Investment Management Ltd now owns 2,971 shares of the company’s stock valued at $280,000 after buying an additional 1,174 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in PDD by 12.5% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 309,285 shares of the company’s stock valued at $29,999,000 after buying an additional 34,390 shares during the last quarter. Finally, Generali Asset Management SPA SGR acquired a new position in PDD in the 4th quarter valued at $165,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Benchmark reduced their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three research 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. Based on data from MarketBeat.com, PDD has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

NASDAQ:PDD opened at $125.92 on Thursday. The company has a 50-day moving average of $114.50 and a 200-day moving average of $112.79. The company has a market capitalization of $173.25 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

About PDD

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.