Commonwealth Equity Services LLC Reduces Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Commonwealth Equity Services LLC reduced its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 28.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,159 shares of the company's stock after selling 7,089 shares during the period. Commonwealth Equity Services LLC's holdings in PDD were worth $1,761,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PDD. Dynamic Technology Lab Private Ltd purchased a new stake in PDD in the 3rd quarter valued at about $678,000. Townsquare Capital LLC grew its stake in PDD by 51.7% in the third quarter. Townsquare Capital LLC now owns 3,810 shares of the company's stock worth $514,000 after purchasing an additional 1,298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in PDD by 6.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 363,958 shares of the company's stock worth $49,065,000 after purchasing an additional 21,348 shares during the period. Financial Counselors Inc. bought a new stake in PDD during the 3rd quarter valued at $264,000. Finally, Vinva Investment Management Ltd purchased a new stake in shares of PDD in the 3rd quarter worth $243,000. Hedge funds and other institutional investors own 39.83% of the company's stock.

PDD Stock Performance

Shares of PDD stock traded down $2.10 during midday trading on Monday, hitting $118.35. The company had a trading volume of 6,623,555 shares, compared to its average volume of 10,673,996. The company has a fifty day simple moving average of $118.16 and a 200 day simple moving average of $114.47. The stock has a market cap of $162.83 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 0.32 and a beta of 0.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

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Analyst Upgrades and Downgrades

PDD has been the subject of several recent research reports. Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group lowered their price target 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. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Nomura reaffirmed a "neutral" rating and set a $130.00 target price (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Finally, Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Five 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $169.91.

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.