PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 62.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,591 shares of the company's stock after selling 84,548 shares during the quarter. Van ECK Associates Corp's holdings in PDD were worth $4,907,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC boosted its position in PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock valued at $244,000 after acquiring an additional 89 shares in the last quarter. OneDigital Investment Advisors LLC lifted its stake in shares of PDD by 6.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock worth $354,000 after purchasing an additional 166 shares during the last quarter. CWM LLC boosted its position in PDD by 19.3% during the third quarter. CWM LLC now owns 1,046 shares of the company's stock valued at $141,000 after purchasing an additional 169 shares in the last quarter. Avior Wealth Management LLC grew its stake in PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company's stock valued at $68,000 after purchasing an additional 169 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new position in PDD in the third quarter worth about $27,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Stock Performance

Shares of PDD traded up $6.93 during trading hours on Friday, reaching $131.34. 16,783,480 shares of the company traded hands, compared to its average volume of 8,707,676. 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 business has a fifty day moving average price of $106.54 and a 200-day moving average price of $114.17. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The stock has a market capitalization of $180.71 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price target on shares of PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday, November 21st. Dbs Bank cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Benchmark reduced their price target on PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock 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.