Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Sumitomo Mitsui Trust Group Inc. lowered its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,662,347 shares of the company's stock after selling 18,033 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.12% of PDD worth $161,231,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in PDD. Prospera Private Wealth LLC purchased 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 about $29,000. Future Financial Wealth Managment LLC purchased a new stake in PDD during the 3rd quarter valued at about $34,000. Nisa Investment Advisors LLC acquired a new stake in PDD in the 4th quarter valued at about $39,000. Finally, Brooklyn Investment Group lifted its stake in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after purchasing an additional 405 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Up 1.0 %

PDD traded up $1.14 on Tuesday, reaching $117.48. The company's stock had a trading volume of 7,961,952 shares, compared to its average volume of 8,144,536. 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 fifty-two week low of $88.01 and a fifty-two week high of $164.69. The stock has a 50 day moving average of $103.25 and a two-hundred day moving average of $114.24. The company has a market capitalization of $161.64 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 0.29 and a beta of 0.67.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Jefferies Financial Group dropped their price target on shares of PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research note on Thursday, November 21st. Benchmark reduced their target price on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an "overweight" rating to a "neutral" rating and decreased their price target for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a research 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 given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $173.40.

PDD 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.