Ballentine Partners LLC reduced its position in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 20.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,416 shares of the company’s stock after selling 606 shares during the quarter. Ballentine Partners LLC’s holdings in PDD were worth $234,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in PDD. Beck Bode LLC acquired a new position in PDD during the 2nd quarter worth about $16,113,000. Fred Alger Management LLC lifted its stake in shares of PDD by 36.9% in the second quarter. Fred Alger Management LLC now owns 6,047 shares of the company’s stock worth $804,000 after acquiring an additional 1,630 shares during the period. MBB Public Markets I LLC boosted its holdings in PDD by 997.6% in the second quarter. MBB Public Markets I LLC now owns 42,498 shares of the company’s stock valued at $5,650,000 after acquiring an additional 38,626 shares during the last quarter. Maverick Capital Ltd. acquired a new stake in PDD during the 2nd quarter valued at approximately $598,000. Finally, The Manufacturers Life Insurance Company raised its holdings in PDD by 70.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 874,604 shares of the company’s stock worth $116,279,000 after purchasing an additional 362,084 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on PDD shares. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, Benchmark reduced their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Three 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. According to MarketBeat, PDD currently has an average rating of “Moderate Buy” and an average price target of $173.40.
PDD Trading Up 7.0 %
PDD opened at $111.34 on Friday. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The firm has a market capitalization of $153.19 billion, a PE ratio of 10.87, a P/E/G ratio of 0.27 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company’s 50-day moving average is $101.52 and its 200 day moving average is $116.28.
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.
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