Louisiana State Employees Retirement System Sells 2,200 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Louisiana State Employees Retirement System reduced its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,800 shares of the company's stock after selling 2,200 shares during the quarter. Louisiana State Employees Retirement System's holdings in PDD were worth $4,733,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PDD. CWM LLC grew its holdings in shares of PDD by 19.3% during the third quarter. CWM LLC now owns 1,046 shares of the company's stock valued at $141,000 after buying an additional 169 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company's stock worth $31,589,000 after purchasing an additional 27,567 shares during the last quarter. Naviter Wealth LLC boosted its holdings in PDD by 2.8% during the third quarter. Naviter Wealth LLC now owns 15,946 shares of the company's stock worth $2,150,000 after purchasing an additional 440 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in PDD by 5.0% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,113 shares of the company's stock worth $10,261,000 after purchasing an additional 3,641 shares during the last quarter. Finally, Blue Trust Inc. boosted its holdings in PDD by 94.7% during the third quarter. Blue Trust Inc. now owns 4,585 shares of the company's stock worth $610,000 after purchasing an additional 2,230 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

Shares of NASDAQ PDD traded up $2.62 during midday trading on Friday, hitting $124.16. The company's stock had a trading volume of 11,807,365 shares, compared to its average volume of 8,066,543. The stock has a fifty day moving average price of $104.97 and a 200 day moving average price of $114.15. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. 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 firm has a market capitalization of $170.83 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.29 and a beta of 0.67.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PDD shares. Benchmark cut their price target on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group cut their price target on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday, November 21st. JPMorgan Chase & Co. cut shares of PDD from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, PDD currently has a consensus rating of "Moderate Buy" and a consensus price target of $173.40.

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.