MML Investors Services LLC lowered its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 59.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,555 shares of the company's stock after selling 5,319 shares during the period. MML Investors Services LLC's holdings in PDD were worth $479,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of PDD by 13.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,504,499 shares of the company's stock valued at $200,023,000 after acquiring an additional 172,515 shares during the last quarter. Bailard Inc. purchased a new position in PDD during the second quarter valued at approximately $931,000. Railway Pension Investments Ltd lifted its holdings in PDD by 34.0% in the second quarter. Railway Pension Investments Ltd now owns 32,700 shares of the company's stock valued at $4,347,000 after acquiring an additional 8,300 shares during the period. AustralianSuper Pty Ltd boosted its position in PDD by 13.3% in the 2nd quarter. AustralianSuper Pty Ltd now owns 16,430 shares of the company's stock worth $2,184,000 after purchasing an additional 1,927 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its stake in shares of PDD by 6.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 4,006 shares of the company's stock worth $533,000 after purchasing an additional 256 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on the stock. Bank of America lowered their price target on shares of PDD from $206.00 to $170.00 and set a "buy" rating on the stock in a report on Tuesday, August 27th. Citigroup lowered shares of PDD from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Macquarie upgraded PDD from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $126.00 to $224.00 in a research note on Monday, October 7th. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Sanford C. Bernstein dropped their price objective on PDD from $235.00 to $170.00 and set an "outperform" rating on the stock in a report on Tuesday, August 27th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $173.40.
Read Our Latest Stock Report on PDD
PDD Price Performance
Shares of NASDAQ:PDD traded up $1.07 during trading on Monday, reaching $100.58. The stock had a trading volume of 5,086,379 shares, compared to its average volume of 10,697,610. The business has a fifty day moving average price of $112.52 and a 200-day moving average price of $123.23. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. 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 stock has a market cap of $138.39 billion, a PE ratio of 9.82, a PEG ratio of 0.29 and a beta of 0.66.
About PDD
(
Free Report)
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.
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