Fisher Asset Management LLC Cuts Stake in PDD Holdings Inc. (NASDAQ:PDD)

Fisher Asset Management LLC trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 682,693 shares of the company's stock after selling 15,174 shares during the quarter. Fisher Asset Management LLC's holdings in PDD were worth $66,214,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Prime Capital Investment Advisors LLC increased its stake in PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock valued at $244,000 after buying an additional 89 shares during the period. New York Life Investment Management LLC increased its stake in PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock valued at $245,000 after buying an additional 139 shares during the period. OneDigital Investment Advisors LLC increased its stake in PDD by 6.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock valued at $354,000 after buying an additional 166 shares during the period. Avior Wealth Management LLC increased its stake in 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 buying an additional 169 shares during the period. Finally, Prospera Private Wealth LLC acquired a new position in PDD in the 3rd quarter valued at $27,000. 39.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

PDD Price Performance

Shares of PDD stock traded up $6.80 on Wednesday, hitting $120.21. The company's stock had a trading volume of 8,984,743 shares, compared to its average volume of 8,879,763. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average price of $109.79 and a 200-day moving average price of $112.72. The company has a market capitalization of $165.39 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

About PDD

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.