Mitsubishi UFJ Asset Management Co. Ltd. Has $62.33 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 4.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 643,791 shares of the company’s stock after acquiring an additional 25,802 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in PDD were worth $62,332,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PDD. H&H International Investment LLC lifted its position in shares of PDD by 3,693.8% during the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after acquiring an additional 3,804,600 shares during the period. Baillie Gifford & Co. raised its holdings in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. Capital Today Evergreen Fund L.P. boosted its position in shares of PDD by 60.1% during the 4th quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company’s stock worth $241,853,000 after purchasing an additional 935,854 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of PDD by 100.5% in the 3rd quarter. HighTower Advisors LLC now owns 4,129 shares of the company’s stock valued at $559,000 after buying an additional 800,614 shares during the period. Finally, Royal London Asset Management Ltd. increased its position 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 in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Trading Down 3.1 %

Shares of PDD opened at $120.45 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $165.72 billion, a P/E ratio of 11.76, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The business has a 50-day moving average of $118.16 and a 200 day moving average of $114.18.

Analyst Upgrades and Downgrades

PDD has been the topic of several recent research reports. Nomura Securities lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. JPMorgan Chase & Co. raised their price objective on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Nomura reiterated a “neutral” rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, Benchmark restated a “buy” rating and set a $160.00 price target on shares of PDD in a report on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, PDD has a consensus rating of “Moderate Buy” and an average target price of $169.91.

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.