PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Invesco Ltd.

Invesco Ltd. lessened its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 3,664,660 shares of the company’s stock after selling 1,007,076 shares during the quarter. Invesco Ltd.’s holdings in PDD were worth $355,435,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PDD. HighTower Advisors LLC lifted its position in PDD by 100.5% during the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company’s stock valued at $559,000 after buying an additional 800,614 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of PDD by 172.8% during the 3rd quarter. Stifel Financial Corp now owns 6,400 shares of the company’s stock valued at $863,000 after acquiring an additional 4,054 shares in the last quarter. M&T Bank Corp purchased a new stake in PDD during the 3rd quarter worth $2,134,000. Geode Capital Management LLC increased its holdings in PDD by 12.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after purchasing an additional 513,248 shares in the last quarter. Finally, TT International Asset Management LTD purchased a new position in PDD in the third quarter valued at about $74,430,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Jefferies Financial Group cut their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Benchmark reaffirmed a “buy” rating and set a $160.00 target price on shares of PDD in a research report on Friday, March 21st. Finally, Nomura reissued a “neutral” rating and issued a $130.00 price target (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Trading Up 0.2 %

PDD stock opened at $94.15 on Thursday. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The firm’s 50-day moving average is $117.42 and its 200-day moving average is $114.72. 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 company has a market cap of $129.54 billion, a P/E ratio of 9.19, a PEG ratio of 0.32 and a beta of 0.73.

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.