PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co trimmed its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 2.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 900,300 shares of the company's stock after selling 25,360 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.07% of PDD worth $87,274,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Baillie Gifford & Co. boosted its position in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after buying an additional 1,942,891 shares during the period. Vanguard Group Inc. boosted its stake in shares of PDD by 0.9% in the 4th 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. FMR LLC grew its position in shares of PDD by 22.3% during the fourth 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 last quarter. Norges Bank acquired a new position in shares of PDD in the 4th quarter valued at $812,246,000. Finally, FIL Ltd boosted its stake in PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after purchasing an additional 3,350,627 shares during the period. Institutional investors and hedge funds own 39.83% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PDD. Jefferies Financial Group reduced their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Nomura reiterated a "neutral" rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. JPMorgan Chase & Co. upped their price target on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Citigroup restated a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Price Performance

PDD stock traded up $1.34 on Friday, reaching $93.69. The company had a trading volume of 10,674,242 shares, compared to its average volume of 11,327,470. 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 company has a market cap of $128.91 billion, a P/E ratio of 9.15, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The company's fifty day moving average is $114.56 and its 200 day moving average is $112.51.

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.