Platinum Investment Management Ltd. Sells 588,197 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Platinum Investment Management Ltd. lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 53.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 504,465 shares of the company’s stock after selling 588,197 shares during the quarter. PDD accounts for approximately 2.9% of Platinum Investment Management Ltd.’s investment portfolio, making the stock its 11th biggest position. Platinum Investment Management Ltd.’s holdings in PDD were worth $48,928,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD in the third quarter valued at about $27,000. Nisa Investment Advisors LLC bought a new stake in PDD during the fourth quarter worth about $39,000. Brooklyn Investment Group lifted its position in PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after purchasing an additional 405 shares during the period. Global Retirement Partners LLC lifted its position in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after purchasing an additional 498 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Stock Performance

PDD stock opened at $126.79 on Wednesday. The business has a 50 day moving average of $113.99 and a 200-day moving average of $112.70. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company has a market capitalization of $174.45 billion, a P/E ratio of 12.38, a P/E/G ratio of 0.32 and a beta of 0.69.

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent analyst reports. Jefferies Financial Group cut their price objective on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Finally, Benchmark dropped their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Company 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.