Jennison Associates LLC trimmed its position in PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 3.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 180,803 shares of the company’s stock after selling 5,909 shares during the period. Jennison Associates LLC’s holdings in PDD were worth $26,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. lifted its holdings in PDD by 2.0% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 3,356 shares of the company’s stock valued at $491,000 after acquiring an additional 66 shares during the period. CWM LLC raised its stake in shares of PDD by 22.7% during the 3rd quarter. CWM LLC now owns 758 shares of the company’s stock worth $74,000 after buying an additional 140 shares during the last quarter. Ritholtz Wealth Management raised its stake in shares of PDD by 1.4% during the 4th quarter. Ritholtz Wealth Management now owns 12,189 shares of the company’s stock worth $1,783,000 after buying an additional 174 shares during the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of PDD by 3.8% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 4,962 shares of the company’s stock worth $487,000 after buying an additional 181 shares during the last quarter. Finally, Lindbrook Capital LLC raised its stake in shares of PDD by 11.3% during the 4th quarter. Lindbrook Capital LLC now owns 2,047 shares of the company’s stock worth $299,000 after buying an additional 207 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.
PDD Stock Down 0.4 %
PDD opened at $127.55 on Thursday. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.83. The stock has a market capitalization of $168.31 billion, a price-to-earnings ratio of 22.26, a price-to-earnings-growth ratio of 0.33 and a beta of 0.67. The business has a 50-day moving average of $122.06 and a two-hundred day moving average of $126.40. PDD Holdings Inc. has a 12 month low of $59.67 and a 12 month high of $152.99.
Analyst Ratings Changes
Several research analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Citigroup lifted their price target on PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. The Goldman Sachs Group downgraded PDD from a “buy” rating to a “neutral” rating and set a $136.00 price target for the company. in a research note on Monday, March 11th. JPMorgan Chase & Co. dropped their price objective on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Thursday, March 21st. Finally, Barclays lifted their price objective on PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $146.85.
Read Our Latest Research Report on PDD
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.
Further Reading
- Five stocks we like better than PDD
- Why Special Dividends Can be a Delightful Surprise for Income Investors
- Nucor Stock Earnings Riding the Steel Industry Wave
- With Risk Tolerance, One Size Does Not Fit All
- Simpson Manufacturing: Buy This Future Dividend King While Down
- Why is the Ex-Dividend Date Significant to Investors?
- Is Boeing Stock About to Soar Higher?
Want to see what other hedge funds are holding PDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PDD Holdings Inc. (NASDAQ:PDD – Free Report).
Receive News & Ratings for PDD Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDD and related companies with MarketBeat.com's FREE daily email newsletter.