Principal Financial Group Inc. Sells 155,577 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Principal Financial Group Inc. lowered its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 23.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 517,077 shares of the company's stock after selling 155,577 shares during the period. Principal Financial Group Inc.'s holdings in PDD were worth $50,151,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new position in PDD during the 3rd quarter valued at $27,000. Venturi Wealth Management LLC bought a new position in shares of PDD during the 3rd quarter worth approximately $29,000. Nisa Investment Advisors LLC bought a new stake in PDD during the fourth quarter worth $39,000. Brooklyn Investment Group lifted its holdings in PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after acquiring an additional 405 shares during the period. Finally, Avior Wealth Management LLC lifted its holdings in PDD by 50.9% during the third quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock worth $68,000 after acquiring an additional 169 shares during the period. Institutional investors own 39.83% of the company's stock.

PDD Price Performance

NASDAQ PDD traded up $6.93 on Friday, reaching $131.34. 16,790,320 shares of the company's stock traded hands, compared to its average volume of 8,707,887. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The stock has a 50-day simple moving average of $106.54 and a 200 day simple moving average of $114.17. The stock has a market cap of $180.71 billion, a PE ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Benchmark lowered their target price on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. Dbs Bank cut 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 lowered their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Jefferies Financial Group lowered their price objective on PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock 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.