California Public Employees Retirement System Sells 89,077 Shares of PDD Holdings Inc. (NASDAQ:PDD)

California Public Employees Retirement System trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 8.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 993,591 shares of the company's stock after selling 89,077 shares during the period. California Public Employees Retirement System owned about 0.07% of PDD worth $96,368,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC lifted its holdings in PDD by 51.7% in the 3rd quarter. Townsquare Capital LLC now owns 3,810 shares of the company's stock worth $514,000 after buying an additional 1,298 shares during the period. Financial Counselors Inc. bought a new position in shares of PDD during the third quarter valued at approximately $264,000. TOMS Capital Investment Management LP purchased a new stake in PDD in the third quarter worth $1,928,000. HighVista Strategies LLC boosted its holdings in PDD by 213.3% in the third quarter. HighVista Strategies LLC now owns 8,078 shares of the company's stock valued at $1,089,000 after acquiring an additional 5,500 shares in the last quarter. Finally, HighTower Advisors LLC increased its position in PDD by 100.5% during the 3rd quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock valued at $559,000 after purchasing an additional 800,614 shares during the period. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD traded down $5.40 during trading hours on Thursday, hitting $113.67. The stock had a trading volume of 11,745,816 shares, compared to its average volume of 10,697,179. The stock has a fifty day moving average price of $119.09 and a 200 day moving average price of $114.84. The firm has a market capitalization of $156.40 billion, a PE ratio of 11.10, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month 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.

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Analysts Set New Price Targets

Several equities research analysts have recently commented on PDD shares. Jefferies Financial Group dropped their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Citigroup reissued a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. Benchmark restated a "buy" rating and issued a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Finally, Nomura reissued a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Five investment 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $169.91.

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.