Krane Funds Advisors LLC Sells 482,997 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Krane Funds Advisors LLC cut its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 14.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,825,103 shares of the company's stock after selling 482,997 shares during the quarter. PDD makes up 11.2% of Krane Funds Advisors LLC's portfolio, making the stock its largest holding. Krane Funds Advisors LLC owned about 0.21% of PDD worth $274,007,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in PDD in the fourth quarter worth about $812,246,000. FMR LLC lifted its stake in shares of PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the period. Baillie Gifford & Co. boosted its holdings in shares of PDD by 5.4% in the fourth 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 in the last quarter. Geode Capital Management LLC increased its stake in shares of PDD by 23.7% during the fourth quarter. Geode Capital Management LLC now owns 5,794,895 shares of the company's stock valued at $559,482,000 after acquiring an additional 1,108,390 shares during the period. Finally, Capital Today Evergreen Fund L.P. raised its holdings in PDD by 60.1% during the fourth quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company's stock worth $241,853,000 after purchasing an additional 935,854 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

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Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PDD shares. Citigroup reaffirmed a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Jefferies Financial Group decreased their target price on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Benchmark reissued a "buy" rating and issued a $160.00 price target on shares of PDD in a report on Friday, March 21st. Nomura reaffirmed a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. boosted 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. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $169.91.

PDD Stock Up 2.4 %

Shares of PDD stock traded up $2.15 during trading on Friday, hitting $90.50. 21,093,347 shares of the company were exchanged, compared to its average volume of 11,188,670. The firm has a market capitalization of $124.52 billion, a price-to-earnings ratio of 8.84, a P/E/G ratio of 0.32 and a beta of 0.73. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The business's 50-day simple moving average is $116.61 and its 200 day simple moving average is $114.38. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $164.69.

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.