PDD Holdings Inc. (NASDAQ:PDD) Stock Position Cut by Taikang Asset Management Hong Kong Co Ltd

Taikang Asset Management Hong Kong Co Ltd trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 61.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 160,246 shares of the company's stock after selling 250,795 shares during the quarter. PDD accounts for approximately 2.3% of Taikang Asset Management Hong Kong Co Ltd's portfolio, making the stock its 7th largest holding. Taikang Asset Management Hong Kong Co Ltd's holdings in PDD were worth $15,542,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in PDD by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock valued at $2,779,986,000 after buying an additional 268,662 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of PDD during the 4th quarter valued at $15,072,000. Sei Investments Co. grew its position in PDD by 16.0% during the fourth quarter. Sei Investments Co. now owns 273,168 shares of the company's stock worth $26,494,000 after buying an additional 37,689 shares in the last quarter. American Century Companies Inc. increased its position in shares of PDD by 7.3% in the fourth quarter. American Century Companies Inc. now owns 544,159 shares of the company's stock worth $52,778,000 after purchasing an additional 37,165 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. increased its holdings in shares of PDD by 12.6% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 17,881 shares of the company's stock worth $1,734,000 after buying an additional 1,996 shares during the last quarter. Institutional investors own 39.83% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages recently issued reports on PDD. Nomura reiterated a "neutral" rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Benchmark reiterated a "buy" rating and issued a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Citigroup reissued a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group cut 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. Finally, Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, PDD currently has a consensus rating of "Moderate Buy" and an average target price of $169.91.

PDD Trading Down 3.1 %

Shares of PDD stock traded down $3.91 during mid-day trading on Friday, reaching $120.45. The stock had a trading volume of 6,950,853 shares, compared to its average volume of 10,689,709. 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 stock's 50-day moving average price is $118.16 and its two-hundred day moving average price is $114.33. The firm has a market capitalization of $165.72 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week 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.