Van ECK Associates Corp cut its holdings in PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 48.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,115 shares of the company’s stock after selling 15,222 shares during the period. Van ECK Associates Corp’s holdings in PDD were worth $2,358,000 as of its most recent filing with the SEC.
A number of other institutional investors have also made changes to their positions in the business. SRS Capital Advisors Inc. increased its stake in PDD by 294.4% during the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock valued at $27,000 after acquiring an additional 209 shares during the period. Turim 21 Investimentos Ltda. bought a new position in PDD during the third quarter valued at about $55,000. Tennessee Valley Asset Management Partners bought a new position in PDD during the fourth quarter valued at about $144,000. Wealth Alliance bought a new position in PDD during the fourth quarter valued at about $209,000. Finally, Alhambra Investment Management LLC bought a new position in PDD during the fourth quarter valued at about $219,000. 29.07% of the stock is currently owned by institutional investors.
PDD Stock Down 0.7 %
Shares of PDD opened at $137.65 on Wednesday. The company has a market capitalization of $181.64 billion, a P/E ratio of 24.02, a PEG ratio of 0.36 and a beta of 0.67. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.93. PDD Holdings Inc. has a one year low of $59.67 and a one year high of $152.99. The business’s 50 day simple moving average is $122.15 and its 200-day simple moving average is $128.17.
Wall Street Analyst Weigh In
Several equities analysts recently issued reports on PDD shares. Barclays boosted their price target on PDD from $164.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. The Goldman Sachs Group lowered PDD from a “buy” rating to a “neutral” rating and set a $136.00 price target on the stock. in a research note on Monday, March 11th. Benchmark lifted their price objective on PDD from $215.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Jefferies Financial Group lifted their price objective on PDD from $157.00 to $161.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Citigroup lifted their price objective on PDD from $170.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.85.
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.
Featured Stories
- Five stocks we like better than PDD
- Stock Splits, Do They Really Impact Investors?
- Garmin Navigates to New Highs Driven By Wearables Trend
- What Is WallStreetBets and What Stocks Are They Targeting?
- Pinterest Prospers From AI Boosting Shop-Ability and Relevance
- Investing in Travel Stocks Benefits
- AbbVie Tracking for New Highs 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.