Nordea Investment Management AB Sells 118,276 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Nordea Investment Management AB reduced its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 31.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,195 shares of the company's stock after selling 118,276 shares during the period. Nordea Investment Management AB's holdings in PDD were worth $24,720,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in PDD during the 3rd quarter worth approximately $27,000. Venturi Wealth Management LLC bought a new stake in shares of PDD during the third quarter worth $29,000. Ashton Thomas Private Wealth LLC acquired a new position in PDD in the 2nd quarter worth about $32,000. Richardson Financial Services Inc. increased its stake in shares of PDD by 3,883.3% in the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company's stock valued at $32,000 after buying an additional 233 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in PDD during the 3rd quarter worth $34,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Down 0.3 %

PDD stock traded down $0.30 during midday trading on Thursday, reaching $100.32. 6,096,817 shares of the company's stock traded hands, compared to its average volume of 6,571,904. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm's fifty day moving average price is $105.05 and its 200-day moving average price is $118.88. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a market cap of $138.03 billion, a price-to-earnings ratio of 9.80, a P/E/G ratio of 0.29 and a beta of 0.66.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Dbs Bank downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research 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 research report on Thursday, November 21st. Macquarie raised PDD from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Benchmark lowered their target price on PDD from $185.00 to $160.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.