Oaktree Capital Management LP Cuts Stake in PDD Holdings Inc. (NASDAQ:PDD)

Oaktree Capital Management LP lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 277,767 shares of the company’s stock after selling 5,500 shares during the quarter. Oaktree Capital Management LP’s holdings in PDD were worth $26,941,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC bought a new stake in PDD during the 4th quarter valued at $39,000. Brooklyn Investment Group increased its position in shares of PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares during the period. Global Retirement Partners LLC increased its position in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC raised its stake in shares of PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after acquiring an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after purchasing an additional 249 shares during the period. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

PDD stock opened at $120.45 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a 50 day moving average price of $118.16 and a 200-day moving average price of $114.33. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The firm has a market capitalization of $165.72 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 0.32 and a beta of 0.69.

Analyst Ratings Changes

A number of research analysts have commented on the company. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Jefferies Financial Group decreased their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a report on Thursday, March 20th. JPMorgan Chase & Co. lifted their price target on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Nomura restated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.