Point72 Hong Kong Ltd Has $19.09 Million Stake in PDD Holdings Inc. (NASDAQ:PDD)

Point72 Hong Kong Ltd cut its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 42.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 141,603 shares of the company's stock after selling 103,501 shares during the quarter. PDD comprises 1.3% of Point72 Hong Kong Ltd's holdings, making the stock its 15th largest position. Point72 Hong Kong Ltd's holdings in PDD were worth $19,090,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PDD. Prospera Private Wealth LLC acquired a new position in PDD during the third quarter worth approximately $27,000. Venturi Wealth Management LLC acquired a new position in PDD during the third quarter worth approximately $29,000. Ashton Thomas Private Wealth LLC purchased a new position in PDD in the second quarter valued at 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 worth $32,000 after buying an additional 233 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of PDD during the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 29.07% of the company's stock.

PDD Price Performance

Shares of PDD stock traded down $2.24 during mid-day trading on Friday, hitting $96.56. 9,806,538 shares of the stock traded hands, compared to its average volume of 10,166,946. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company's 50-day simple moving average is $123.25 and its 200-day simple moving average is $128.33. The firm has a market cap of $132.85 billion, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 0.28 and a beta of 0.71.

Wall Street Analysts Forecast Growth

PDD has been the subject of a number of research reports. Dbs Bank cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 22nd. Macquarie raised shares of PDD from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Nomura Securities raised PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. Citigroup cut PDD from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Finally, Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a "buy" rating for the company in a report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, PDD has an average rating of "Moderate Buy" and an average target price of $173.40.

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.