Wellington Management Group LLP Lowers Stake in PDD Holdings Inc. (NASDAQ:PDD)

Wellington Management Group LLP trimmed its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 11.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 788,510 shares of the company's stock after selling 99,928 shares during the period. Wellington Management Group LLP owned 0.06% of PDD worth $76,478,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in shares of PDD in the fourth quarter worth about $812,246,000. Baillie Gifford & Co. boosted its stake in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Capital Today Evergreen Fund L.P. boosted its stake in shares of PDD by 60.1% in the 4th quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company's stock valued at $241,853,000 after purchasing an additional 935,854 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of PDD by 100.5% in the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock valued at $559,000 after buying an additional 800,614 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in PDD by 82,362.9% during the 4th quarter. Royal London Asset Management Ltd. now owns 631,666 shares of the company's stock worth $61,265,000 after purchasing an additional 630,900 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Nomura reiterated a "neutral" rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Jefferies Financial Group reduced their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Benchmark reissued a "buy" rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. JPMorgan Chase & Co. lifted their target price on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Finally, Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

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PDD Price Performance

Shares of NASDAQ:PDD traded down $3.97 during mid-day trading on Thursday, reaching $90.18. The stock had a trading volume of 6,051,516 shares, compared to its average volume of 11,035,996. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market cap of $124.07 billion, a P/E ratio of 8.81, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The business's 50 day moving average price is $117.42 and its 200 day moving average price is $114.72.

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.