Bamco Inc. NY Sells 520,740 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Bamco Inc. NY decreased its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 73.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 185,362 shares of the company's stock after selling 520,740 shares during the quarter. Bamco Inc. NY's holdings in PDD were worth $24,989,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. TOMS Capital Investment Management LP purchased a new stake in shares of PDD in the 3rd quarter valued at $1,928,000. Wasatch Advisors LP boosted its position in PDD by 24.4% during the 3rd quarter. Wasatch Advisors LP now owns 303,329 shares of the company's stock valued at $40,892,000 after buying an additional 59,592 shares during the period. Vinva Investment Management Ltd bought a new stake in PDD in the 3rd quarter worth $243,000. Financial Counselors Inc. bought a new position in shares of PDD during the third quarter valued at about $264,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock worth $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. Institutional investors own 29.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citigroup lowered PDD from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Sanford C. Bernstein cut their target price on shares of PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 27th. Nomura Securities raised shares of PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. Daiwa America raised PDD to a "strong-buy" rating in a research report on Tuesday, August 27th. Finally, Barclays dropped their price target on PDD from $224.00 to $158.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, PDD presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.40.

PDD Price Performance

Shares of PDD traded up $0.20 during trading hours on Tuesday, reaching $99.18. 3,920,690 shares of the stock traded hands, compared to its average volume of 10,664,166. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $136.46 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 0.28 and a beta of 0.67. The company's 50-day moving average price is $123.25 and its two-hundred day moving average price is $128.24.

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.