Bank of New York Mellon Corp Has $200.02 Million Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Bank of New York Mellon Corp boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 13.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,504,499 shares of the company’s stock after purchasing an additional 172,515 shares during the quarter. Bank of New York Mellon Corp’s holdings in PDD were worth $200,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PDD. International Assets Investment Management LLC bought a new stake in shares of PDD during the 4th quarter valued at approximately $13,379,000. Truist Financial Corp grew its holdings in shares of PDD by 12.8% during the 4th quarter. Truist Financial Corp now owns 3,143 shares of the company’s stock valued at $460,000 after purchasing an additional 357 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of PDD during the 4th quarter valued at approximately $229,000. Victory Capital Management Inc. grew its holdings in shares of PDD by 7.1% during the 4th quarter. Victory Capital Management Inc. now owns 921,380 shares of the company’s stock valued at $134,807,000 after purchasing an additional 60,991 shares during the last quarter. Finally, New York Life Investment Management LLC bought a new stake in shares of PDD during the 4th quarter valued at approximately $259,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Down 28.5 %

Shares of PDD traded down $39.87 during trading hours on Monday, hitting $100.00. The stock had a trading volume of 102,479,352 shares, compared to its average volume of 8,902,278. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 2.09. The firm has a 50 day simple moving average of $137.27 and a 200-day simple moving average of $133.11. The firm has a market capitalization of $137.59 billion, a P/E ratio of 13.14, a price-to-earnings-growth ratio of 0.26 and a beta of 0.63. PDD Holdings Inc. has a 1-year low of $79.00 and a 1-year high of $164.69.

Analysts Set New Price Targets

Several brokerages recently issued reports on PDD. The Goldman Sachs Group raised shares of PDD from a “neutral” rating to a “buy” rating and lifted their price target for the company from $145.00 to $184.00 in a report on Friday, May 24th. UBS Group boosted their target price on shares of PDD from $248.00 to $272.00 and gave the stock a “buy” rating in a report on Wednesday, May 22nd. Barclays boosted their target price on shares of PDD from $178.00 to $224.00 and gave the stock an “overweight” rating in a report on Friday, May 24th. Jefferies Financial Group reduced their target price on shares of PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a report on Monday. Finally, Bank of America upped their price objective on shares of PDD from $191.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, PDD currently has an average rating of “Moderate Buy” and an average price target of $187.50.

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.