Pictet Asset Management Holding SA Reduces Position in PDD Holdings Inc. (NASDAQ:PDD)

Pictet Asset Management Holding SA lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 29.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,116,324 shares of the company's stock after selling 473,749 shares during the quarter. Pictet Asset Management Holding SA owned about 0.08% of PDD worth $108,272,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in shares of PDD by 8.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company's stock valued at $118,000 after purchasing an additional 97 shares during the period. Farther Finance Advisors LLC increased its holdings in PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after buying an additional 132 shares during the period. New York Life Investment Management LLC raised its position in PDD by 5.8% during the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company's stock worth $245,000 after buying an additional 139 shares during the last quarter. Cibc World Markets Corp lifted its stake in PDD by 1.1% during the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company's stock valued at $1,435,000 after acquiring an additional 164 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after acquiring an additional 249 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

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PDD Price Performance

PDD stock traded down $3.21 during trading on Wednesday, hitting $118.98. The stock had a trading volume of 3,356,027 shares, compared to its average volume of 8,879,328. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company's 50-day moving average price is $118.77 and its two-hundred day moving average price is $114.81. 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 market capitalization of $163.70 billion, a P/E ratio of 11.62, a PEG ratio of 0.32 and a beta of 0.69.

Wall Street Analysts Forecast Growth

PDD has been the subject of several recent research reports. Citigroup reissued a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group cut their price target on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Nomura reissued a "neutral" rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating 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 analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $169.91.

About PDD

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.