Royal London Asset Management Ltd. Has $61.27 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Royal London Asset Management Ltd. raised its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 82,362.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 631,666 shares of the company’s stock after buying an additional 630,900 shares during the period. Royal London Asset Management Ltd.’s holdings in PDD were worth $61,265,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new position in shares of PDD in the 3rd quarter worth approximately $27,000. Nisa Investment Advisors LLC purchased a new position in shares of PDD in the 4th quarter worth approximately $39,000. Brooklyn Investment Group boosted its stake in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after buying an additional 405 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after buying an additional 498 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after buying an additional 132 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Trading Up 4.0 %

Shares of PDD stock opened at $130.92 on Friday. The company’s fifty day simple moving average is $115.12 and its two-hundred day simple moving average is $112.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The stock has a market capitalization of $180.13 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.32 and a beta of 0.69.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark cut their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $171.90.

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.