5 Best Fast Growth Stocks to Buy Now

4. PDD Holdings Inc. (NASDAQ:PDD)

Number of Hedge Fund Holders: 66

Shanghai, China-based PDD Holdings Inc. (NASDAQ:PDD) is a multinational commerce group that owns and operates a portfolio of businesses. It has built a network of sourcing, logistics, and fulfillment capabilities, that support its underlying businesses. Its Pinduoduo is a mobile-only marketplace that connects millions of agricultural producers with consumers across China.

Following 94% year-over-year revenue growth in Q3 2023 to generate $9.4 billion in total revenue, Benchmark analyst Fawne Jiang raised the price target for PDD Holdings Inc. (NASDAQ:PDD) shares to $190 from $140 and maintained a ‘Buy’ rating for its shares.

As of Q3 2023, 66 of the 910 hedge funds tracked by Insider Monkey owned shares of PDD Holdings Inc. (NASDAQ:PDD), valued at $4.3 billion. Lei Zhang’s Hillhouse Capital Management holds the most shares among hedge funds, with ownership of nearly 7.4 million shares valued at $721million.