State of New Jersey Common Pension Fund D Takes $4.58 Million Position in PDD Holdings Inc. Sponsored ADR $PDD

State of New Jersey Common Pension Fund D bought a new stake in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 40,370 shares of the company’s stock, valued at approximately $4,578,000.

Several other institutional investors also recently made changes to their positions in PDD. GAMMA Investing LLC grew its holdings in shares of PDD by 595.0% during the fourth quarter. GAMMA Investing LLC now owns 278 shares of the company’s stock valued at $32,000 after purchasing an additional 238 shares during the last quarter. Binnacle Investments Inc grew its holdings in shares of PDD by 281.7% during the third quarter. Binnacle Investments Inc now owns 271 shares of the company’s stock valued at $36,000 after purchasing an additional 200 shares during the last quarter. Wexford Capital LP acquired a new stake in shares of PDD in the third quarter valued at approximately $44,000. Assetmark Inc. raised its holdings in shares of PDD by 314.4% during the third quarter. Assetmark Inc. now owns 402 shares of the company’s stock valued at $53,000 after buying an additional 305 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of PDD by 720.4% during the third quarter. Larson Financial Group LLC now owns 402 shares of the company’s stock valued at $53,000 after buying an additional 353 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Stock Performance

PDD stock opened at $97.79 on Tuesday. The firm has a market cap of $136.14 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.93 and a beta of 0.04. PDD Holdings Inc. Sponsored ADR has a 1 year low of $95.24 and a 1 year high of $139.41. The firm’s 50 day moving average price is $101.41 and its two-hundred day moving average price is $111.31.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PDD shares. Wall Street Zen cut PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Morgan Stanley set a $148.00 price target on PDD in a report on Thursday, January 15th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a report on Wednesday, January 28th. Loop Capital set a $170.00 price target on PDD in a report on Tuesday, January 6th. Finally, Nomura raised PDD from a “neutral” rating to a “buy” rating and set a $136.00 price target on the stock in a report on Friday, March 27th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, PDD presently has a consensus rating of “Hold” and a consensus price target of $139.67.

PDD Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.