California Public Employees Retirement System Has $111.09 Million Holdings in PDD Holdings Inc. Sponsored ADR $PDD

California Public Employees Retirement System increased its position in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 8.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,061,440 shares of the company’s stock after purchasing an additional 85,343 shares during the period. California Public Employees Retirement System’s holdings in PDD were worth $111,090,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Avantax Advisory Services Inc. acquired a new stake in PDD during the first quarter worth $225,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of PDD by 7.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 997,419 shares of the company’s stock worth $118,045,000 after acquiring an additional 69,631 shares during the period. Invesco Ltd. boosted its position in shares of PDD by 44.7% during the 1st quarter. Invesco Ltd. now owns 5,301,333 shares of the company’s stock valued at $627,413,000 after acquiring an additional 1,636,673 shares in the last quarter. Nuveen LLC bought a new stake in PDD in the first quarter valued at about $169,035,000. Finally, Todd Asset Management LLC raised its position in PDD by 16.3% in the first quarter. Todd Asset Management LLC now owns 251,885 shares of the company’s stock worth $29,811,000 after purchasing an additional 35,375 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PDD has been the subject of a number of analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of PDD in a research note on Wednesday, October 8th. Citigroup restated a “buy” rating on shares of PDD in a research report on Monday, August 25th. Wall Street Zen raised PDD from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Barclays increased their price objective on PDD from $158.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 26th. Finally, Sanford C. Bernstein set a $135.00 target price on shares of PDD in a research note on Tuesday, November 18th. Five investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $137.50.

PDD Price Performance

NASDAQ PDD opened at $117.62 on Monday. The stock’s 50 day simple moving average is $128.34 and its 200 day simple moving average is $118.70. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41. The firm has a market cap of $163.74 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.39 and a beta of 0.08.

PDD Profile

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.