Prudential Financial Inc. Has $6.93 Million Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Prudential Financial Inc. trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 59.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,406 shares of the company's stock after selling 106,243 shares during the period. Prudential Financial Inc.'s holdings in PDD were worth $6,926,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PDD. Nisa Investment Advisors LLC acquired a new position in PDD during the 4th quarter valued at about $39,000. Brooklyn Investment Group increased its stake in shares of PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company's stock valued at $51,000 after acquiring an additional 405 shares during the period. Global Retirement Partners LLC raised its holdings in PDD by 939.6% during the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after purchasing an additional 498 shares in the last quarter. Farther Finance Advisors LLC lifted its position in PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after purchasing an additional 132 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after purchasing an additional 249 shares during the period. Institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

PDD has been the topic of a number of research reports. Jefferies Financial Group dropped their price objective on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. boosted their price target on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Benchmark reissued a "buy" rating and set a $160.00 target price on shares of PDD in a research note on Friday, March 21st. Finally, Citigroup restated a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. 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, PDD currently has a consensus rating of "Moderate Buy" and an average target price of $169.91.

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PDD Stock Up 3.2 %

Shares of PDD stock traded up $3.84 during midday trading on Tuesday, hitting $122.19. The company's stock had a trading volume of 7,064,924 shares, compared to its average volume of 10,677,627. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. 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 has a market capitalization of $168.12 billion, a P/E ratio of 11.93, a PEG ratio of 0.32 and a beta of 0.69. The stock has a 50-day simple moving average of $118.41 and a 200-day simple moving average of $114.61.

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.