Causeway Capital Management LLC Reduces Position in PDD Holdings Inc. (NASDAQ:PDD)

Causeway Capital Management LLC lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 42.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 446,272 shares of the company's stock after selling 322,505 shares during the quarter. Causeway Capital Management LLC's holdings in PDD were worth $43,284,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Lord Abbett & CO. LLC grew its holdings in PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company's stock worth $5,155,000 after purchasing an additional 14,905 shares during the period. Headwater Capital Co Ltd purchased a new position in PDD in the 4th quarter worth about $9,699,000. Baillie Gifford & Co. boosted its holdings in shares of PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after acquiring an additional 341,300 shares during the period. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of PDD during the fourth quarter valued at approximately $4,685,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Stock Up 1.5 %

Shares of NASDAQ PDD traded up $1.34 during mid-day trading on Friday, reaching $93.69. 10,674,242 shares of the company were exchanged, compared to its average volume of 11,295,157. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The firm has a 50-day moving average of $115.04 and a 200 day moving average of $113.42. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a market cap of $128.91 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 0.32 and a beta of 0.73.

Analyst Upgrades and Downgrades

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