SRS Investment Management LLC Lowers Stake in PDD Holdings Inc. (NASDAQ:PDD)

SRS Investment Management LLC trimmed its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 6.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,064,381 shares of the company's stock after selling 287,136 shares during the quarter. PDD accounts for approximately 5.6% of SRS Investment Management LLC's holdings, making the stock its 6th biggest holding. SRS Investment Management LLC owned about 0.30% of PDD worth $394,204,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PDD. Norges Bank bought a new stake in shares of PDD during the 4th quarter valued at about $812,246,000. Sanders Capital LLC purchased a new position in shares of PDD during the 4th quarter worth approximately $499,972,000. FMR LLC raised its position in shares of PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares in the last quarter. FIL Ltd lifted its stake in shares of PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after purchasing an additional 3,350,627 shares during the period. Finally, Capital International Investors bought a new stake in shares of PDD during the fourth quarter valued at approximately $246,823,000. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

PDD traded up $0.74 during midday trading on Friday, hitting $104.01. 5,059,614 shares of the company traded hands, compared to its average volume of 11,286,159. The company's 50-day moving average is $112.23 and its 200 day moving average is $111.29. 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 $143.10 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 52 week low of $87.11 and a 52 week high of $164.69.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PDD. Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. JPMorgan Chase & Co. upped their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Jefferies Financial Group lowered their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Nomura Securities downgraded PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Benchmark reiterated a "buy" rating and set a $160.00 price objective on shares of PDD in a research note on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, PDD has an average rating of "Moderate Buy" and a consensus price target of $169.91.

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.