Legal & General Group Plc Has $407.62 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Legal & General Group Plc trimmed its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 29.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,202,671 shares of the company's stock after selling 1,725,373 shares during the period. Legal & General Group Plc owned about 0.31% of PDD worth $407,617,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PDD. Baillie Gifford & Co. grew its position in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. lifted its position 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 worth $2,779,986,000 after acquiring an additional 268,662 shares during the period. FMR LLC grew its holdings in shares of PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares in the last quarter. Norges Bank bought a new stake in shares of PDD during the fourth quarter valued at approximately $812,246,000. Finally, Geode Capital Management LLC increased its position 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 purchasing an additional 1,108,390 shares during the period. Institutional investors own 39.83% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on PDD. JPMorgan Chase & Co. lifted their price target on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Jefferies Financial Group decreased their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Benchmark reissued a "buy" rating and issued a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Nomura reaffirmed a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, Citigroup reissued a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, PDD has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Price Performance

Shares of NASDAQ:PDD traded up $2.15 during midday trading on Friday, reaching $90.50. The company's stock had a trading volume of 21,093,347 shares, compared to its average volume of 11,197,758. The business's fifty day simple moving average is $116.61 and its 200-day simple moving average is $114.28. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a fifty-two week low of $87.11 and a fifty-two week high of $164.69. The company has a market capitalization of $124.52 billion, a P/E ratio of 8.84, a P/E/G ratio of 0.32 and a beta of 0.73.

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.