Thrivent Financial for Lutherans Raises Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Thrivent Financial for Lutherans raised its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 71.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 41,323 shares of the company’s stock after buying an additional 17,286 shares during the period. Thrivent Financial for Lutherans’ holdings in PDD were worth $4,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PDD. Advisors Asset Management Inc. increased its position in shares of PDD by 39.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,148 shares of the company’s stock valued at $559,000 after purchasing an additional 1,184 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in PDD by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 904,016 shares of the company’s stock valued at $121,870,000 after buying an additional 22,319 shares during the period. Daiwa Securities Group Inc. increased its holdings in PDD by 2.5% during the third quarter. Daiwa Securities Group Inc. now owns 55,862 shares of the company’s stock valued at $7,531,000 after buying an additional 1,350 shares during the last quarter. Fisher Asset Management LLC raised its position in PDD by 13.9% in the third quarter. Fisher Asset Management LLC now owns 697,867 shares of the company’s stock worth $94,080,000 after acquiring an additional 84,901 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of PDD during the 3rd quarter worth $678,000. 39.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PDD shares. Jefferies Financial Group decreased their target price on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Nomura Securities cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. increased their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a report on Friday, March 21st. Nomura reaffirmed a “neutral” rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, Benchmark reissued a “buy” rating and issued a $160.00 price objective on shares of PDD in a research note on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

PDD Stock Down 2.2 %

Shares of PDD stock opened at $125.25 on Wednesday. The company’s fifty day simple moving average is $116.94 and its two-hundred day simple moving average is $113.86. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The stock has a market cap of $172.33 billion, a P/E ratio of 12.23, a PEG ratio of 0.32 and a beta of 0.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

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.