Coronation Fund Managers Ltd. Sells 388,521 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Coronation Fund Managers Ltd. reduced its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 42.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 523,963 shares of the company's stock after selling 388,521 shares during the quarter. PDD accounts for 3.0% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 12th largest position. Coronation Fund Managers Ltd.'s holdings in PDD were worth $50,819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Prime Capital Investment Advisors LLC boosted its holdings in PDD by 5.2% during the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock worth $244,000 after purchasing an additional 89 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of PDD by 6.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock worth $354,000 after buying an additional 166 shares during the last quarter. CWM LLC boosted its stake in shares of PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company's stock worth $141,000 after buying an additional 169 shares during the last quarter. Avior Wealth Management LLC grew its holdings in shares of PDD by 50.9% in the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock valued at $68,000 after acquiring an additional 169 shares in the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of PDD in the third quarter valued at about $27,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PDD has been the subject of several recent research reports. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Benchmark decreased their target price on shares of PDD from $185.00 to $160.00 and set a "buy" rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group lowered their target price on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday, November 21st. Finally, Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $173.40.

PDD Stock Performance

Shares of NASDAQ PDD traded up $2.71 during mid-day trading on Thursday, reaching $121.54. 7,990,905 shares of the company were exchanged, compared to its average volume of 8,086,516. The stock has a market capitalization of $167.22 billion, a P/E ratio of 11.87, a P/E/G ratio of 0.29 and a beta of 0.67. 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 company's 50-day simple moving average is $104.03 and its 200-day simple moving average is $114.18. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

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.