Massachusetts Financial Services Co. MA Decreases Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Massachusetts Financial Services Co. MA lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 13.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 578,161 shares of the company's stock after selling 91,444 shares during the quarter. Massachusetts Financial Services Co. MA's holdings in PDD were worth $56,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of PDD during the fourth quarter worth approximately $812,246,000. Baillie Gifford & Co. lifted its stake in PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. Geode Capital Management LLC boosted its position in 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 buying an additional 1,108,390 shares during the period. Capital Today Evergreen Fund L.P. grew its stake in shares of PDD by 60.1% during the fourth quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company's stock valued at $241,853,000 after buying an additional 935,854 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in shares of PDD by 100.5% in the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock worth $559,000 after buying an additional 800,614 shares during the period. Hedge funds and other institutional investors own 39.83% of the company's stock.

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Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Nomura restated a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Citigroup reissued a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Benchmark reiterated a "buy" rating and set a $160.00 target price on shares of PDD in a report on Friday, March 21st. Finally, JPMorgan Chase & Co. boosted their price target on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

PDD Stock Performance

NASDAQ:PDD traded down $4.70 during mid-day trading on Thursday, reaching $89.45. The company's stock had a trading volume of 8,334,687 shares, compared to its average volume of 11,044,850. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month 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's fifty day moving average price is $117.42 and its two-hundred day moving average price is $114.72. The stock has a market cap of $123.07 billion, a P/E ratio of 8.78, a PEG ratio of 0.32 and a beta of 0.73.

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.