US Bancorp DE lowered its position in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 19.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,952 shares of the company’s stock after selling 1,897 shares during the quarter. US Bancorp DE’s holdings in PDD were worth $1,072,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. Ballentine Partners LLC increased its stake in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after purchasing an additional 120 shares in the last quarter. Parallel Advisors LLC increased its stake in PDD by 5.3% in the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after purchasing an additional 122 shares in the last quarter. Legacy Capital Group California Inc. increased its stake in PDD by 6.8% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock worth $277,000 after purchasing an additional 133 shares in the last quarter. Oppenheimer & Co. Inc. increased its stake in PDD by 1.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 14,010 shares of the company’s stock worth $1,629,000 after purchasing an additional 168 shares in the last quarter. Finally, CWM LLC increased its stake in PDD by 19.3% in the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after purchasing an additional 169 shares in the last quarter. Institutional investors own 29.07% of the company’s stock.
PDD Stock Down 6.4 %
Shares of PDD stock opened at $117.81 on Friday. The firm has a market cap of $162.09 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 0.29 and a beta of 0.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.11 and a quick ratio of 2.11. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock has a 50-day simple moving average of $119.63 and a 200-day simple moving average of $131.00.
Analysts Set New Price Targets
A number of brokerages recently weighed in on PDD. Barclays dropped their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 27th. Benchmark lowered their target price on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Sanford C. Bernstein lowered their target price on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 27th. Jefferies Financial Group lowered their target price on PDD from $193.00 to $151.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $126.00 to $224.00 in a research note on Monday, October 7th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $182.40.
View Our Latest Stock Report on PDD
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.
Recommended Stories
- Five stocks we like better than PDD
- How is Compound Interest Calculated?
- Dot Ai IPO: CEO Ed Nabrotzky Shares Vision for Logistics Future
- Breakout Stocks: What They Are and How to Identify Them
- The Hottest Markets to Watch After the Fed’s 25 Bps Rate Cut
- Consumer Discretionary Stocks Explained
- The Top 5 Performing S&P 500 Stocks YTD in 2024
Receive News & Ratings for PDD Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDD and related companies with MarketBeat.com's FREE daily email newsletter.