Kamunting Street Capital Management L.P. Has $2.91 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Kamunting Street Capital Management L.P. lifted its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 10.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the company’s stock after acquiring an additional 2,728 shares during the quarter. PDD comprises about 2.5% of Kamunting Street Capital Management L.P.’s investment portfolio, making the stock its 10th biggest holding. Kamunting Street Capital Management L.P.’s holdings in PDD were worth $2,910,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its stake in shares of PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after purchasing an additional 97 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares in the last quarter. New York Life Investment Management LLC lifted its position in shares of PDD by 5.8% during the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock valued at $245,000 after acquiring an additional 139 shares during the last quarter. Cibc World Markets Corp boosted its stake in shares of PDD by 1.1% during the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock worth $1,435,000 after acquiring an additional 164 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of PDD by 43.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after acquiring an additional 249 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

PDD stock opened at $94.36 on Tuesday. The company has a market capitalization of $129.83 billion, a price-to-earnings ratio of 9.21, a P/E/G ratio of 0.32 and a beta of 0.73. The firm has a 50 day moving average of $114.07 and a two-hundred day moving average of $112.09. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $164.69.

Wall Street Analysts Forecast Growth

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

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.