VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in PDD Holdings Inc. Sponsored ADR $PDD

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 37,600 shares of the company’s stock, valued at approximately $3,935,000.

A number of other institutional investors have also made changes to their positions in PDD. Hollencrest Capital Management bought a new position in shares of PDD in the first quarter valued at about $26,000. Ameritas Advisory Services LLC bought a new position in shares of PDD in the second quarter valued at about $28,000. IFP Advisors Inc raised its holdings in shares of PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company’s stock valued at $48,000 after buying an additional 290 shares during the last quarter. Activest Wealth Management raised its holdings in PDD by 139.1% during the 2nd quarter. Activest Wealth Management now owns 837 shares of the company’s stock worth $88,000 after purchasing an additional 487 shares during the last quarter. Finally, Goldstream Capital Management Ltd bought a new stake in PDD during the 1st quarter worth about $102,000. 39.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PDD. Jefferies Financial Group set a $146.00 price objective on PDD and gave the stock a “buy” rating in a report on Monday, August 25th. Benchmark reissued a “buy” rating and set a $160.00 price objective (up from $128.00) on shares of PDD in a report on Tuesday, August 26th. Barclays boosted their price objective on PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, August 26th. Bank of America boosted their price objective on PDD from $120.00 to $141.00 and gave the stock a “neutral” rating in a report on Tuesday, August 26th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of PDD in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $137.82.

PDD Trading Up 2.4%

PDD stock opened at $131.56 on Tuesday. The firm has a market capitalization of $183.15 billion, a P/E ratio of 14.27, a PEG ratio of 1.52 and a beta of 0.40. PDD Holdings Inc. Sponsored ADR has a 1 year low of $87.11 and a 1 year high of $136.84. The business has a 50-day moving average of $126.54 and a 200-day moving average of $113.14.

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.