International Assets Investment Management LLC Sells 483,671 Shares of PDD Holdings Inc. (NASDAQ:PDD)

International Assets Investment Management LLC reduced its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 99.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,454 shares of the company's stock after selling 483,671 shares during the quarter. International Assets Investment Management LLC's holdings in PDD were worth $238,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Prospera Private Wealth LLC bought a new stake in shares of PDD in the 3rd quarter worth approximately $27,000. Venturi Wealth Management LLC bought a new position in shares of PDD during the third quarter valued at about $29,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of PDD in the 2nd quarter valued at about $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% during the 2nd quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after acquiring an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in PDD during the 3rd quarter worth approximately $34,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Up 2.2 %

NASDAQ:PDD traded up $2.15 on Tuesday, reaching $98.13. 6,767,330 shares of the stock traded hands, compared to its average volume of 6,918,904. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $135.01 billion, a price-to-earnings ratio of 9.58, a PEG ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company's fifty day simple moving average is $103.53 and its 200 day simple moving average is $117.76.

Analyst Ratings Changes

Several brokerages have weighed in on PDD. Macquarie upgraded PDD from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $126.00 to $224.00 in a research report on Monday, October 7th. Dbs Bank cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered 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. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Finally, Benchmark reduced their price target on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $173.40.

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.