Fifth Third Bancorp Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Fifth Third Bancorp cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 20.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,493 shares of the company’s stock after selling 914 shares during the quarter. Fifth Third Bancorp’s holdings in PDD were worth $339,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Prospera Private Wealth LLC acquired a new stake in PDD in the 3rd quarter valued at approximately $27,000. Venturi Wealth Management LLC acquired a new stake in shares of PDD in the third quarter worth $29,000. Future Financial Wealth Managment LLC purchased a new stake in shares of PDD in the third quarter worth approximately $34,000. Nisa Investment Advisors LLC acquired a new position in shares of PDD in the fourth quarter worth $39,000. Finally, Brooklyn Investment Group grew its stake in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of analyst reports. Jefferies Financial Group lowered their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Macquarie upgraded shares of PDD from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. Finally, Benchmark dropped their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Performance

Shares of PDD stock opened at $111.91 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $153.97 billion, a price-to-earnings ratio of 10.93, a P/E/G ratio of 0.29 and a beta of 0.66. The firm’s 50-day simple moving average is $101.42 and its two-hundred day simple moving average is $115.54. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

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.