Sumitomo Mitsui DS Asset Management Company Ltd Sells 26,686 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 35.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 49,427 shares of the company's stock after selling 26,686 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in PDD were worth $4,794,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new position in shares of PDD during the third quarter valued at $27,000. Venturi Wealth Management LLC bought a new position in shares of PDD in the third quarter valued at about $29,000. Nisa Investment Advisors LLC bought a new position in shares of PDD in the fourth quarter valued at about $39,000. Brooklyn Investment Group raised its holdings in shares of PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company's stock valued at $51,000 after buying an additional 405 shares during the last quarter. Finally, Carolina Wealth Advisors LLC bought a new position in shares of PDD in the third quarter valued at about $66,000. 39.83% of the stock is owned by institutional investors.

PDD Stock Performance

PDD stock traded up $1.35 during midday trading on Wednesday, hitting $118.83. The company's stock had a trading volume of 6,587,921 shares, compared to its average volume of 8,089,438. The stock's 50-day moving average price is $103.63 and its 200 day moving average price is $114.15. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The stock has a market cap of $163.49 billion, a price-to-earnings ratio of 11.60, a PEG ratio of 0.29 and a beta of 0.67.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Dbs Bank lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and cut their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark dropped their price objective on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group dropped 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 given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, PDD currently has an average rating of "Moderate Buy" and a consensus 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.