PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. decreased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 33.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 592,348 shares of the company's stock after selling 292,604 shares during the quarter. Franklin Resources Inc.'s holdings in PDD were worth $80,577,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PDD. Baillie Gifford & Co. increased its stake in shares of PDD by 2.8% during the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company's stock valued at $4,868,859,000 after buying an additional 988,042 shares during the period. FMR LLC grew its holdings in PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company's stock worth $2,821,595,000 after acquiring an additional 1,654,764 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in PDD by 1,374.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. Tairen Capital Ltd raised its holdings in shares of PDD by 49.8% in the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock valued at $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of PDD by 13.0% in the 2nd quarter. Legal & General Group Plc now owns 5,332,414 shares of the company's stock worth $708,944,000 after purchasing an additional 612,119 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of NASDAQ PDD traded up $2.81 during midday trading on Tuesday, reaching $102.42. The company had a trading volume of 15,349,047 shares, compared to its average volume of 10,724,192. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The business's 50-day simple moving average is $115.88 and its 200 day simple moving average is $124.50. 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 has a market cap of $140.92 billion, a P/E ratio of 9.73, a P/E/G ratio of 0.29 and a beta of 0.66.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Dbs Bank lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered 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 research report on Friday, November 22nd. Citigroup downgraded PDD from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $194.00 to $120.00 in a research report on Tuesday, August 27th. Jefferies Financial Group reduced their target price on shares of PDD from $181.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, November 21st. Finally, Sanford C. Bernstein lowered their price target on shares of 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 company. According to data from MarketBeat.com, PDD currently has a consensus rating of "Moderate Buy" and an average price target of $173.40.

About PDD

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.