MML Investors Services LLC Sells 5,319 Shares of PDD Holdings Inc. (NASDAQ:PDD)

MML Investors Services LLC reduced its position in PDD Holdings Inc. (NASDAQ:PDD) by 59.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,555 shares of the company’s stock after selling 5,319 shares during the quarter. MML Investors Services LLC’s holdings in PDD were worth $479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. increased its stake in PDD by 2.8% in the third quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after acquiring an additional 988,042 shares during the last quarter. FMR LLC boosted its holdings in shares of PDD by 8.6% in the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after purchasing an additional 1,654,764 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the last quarter. Tairen Capital Ltd raised its holdings in shares of PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of PDD by 13.0% during the 2nd quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock worth $708,944,000 after buying an additional 612,119 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Price Performance

PDD stock opened at $99.51 on Monday. The firm has a market cap of $136.91 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.29 and a beta of 0.66. The stock’s 50 day moving average is $112.52 and its 200 day moving average is $123.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PDD. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Citigroup downgraded shares of PDD from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Sanford C. Bernstein cut their price objective on PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, August 27th. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Barclays cut 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. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $173.40.

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.