ING Groep NV Has $303,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

ING Groep NV lowered its position in PDD Holdings Inc. (NASDAQ:PDD) by 97.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,072 shares of the company’s stock after selling 68,081 shares during the quarter. ING Groep NV’s holdings in PDD were worth $303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. raised its position in shares of PDD by 2.0% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 3,356 shares of the company’s stock valued at $491,000 after purchasing an additional 66 shares during the period. Johnson Investment Counsel Inc. raised its position in shares of PDD by 2.4% in the fourth quarter. Johnson Investment Counsel Inc. now owns 3,278 shares of the company’s stock valued at $480,000 after purchasing an additional 78 shares during the period. PDS Planning Inc raised its position in shares of PDD by 5.2% in the fourth quarter. PDS Planning Inc now owns 2,328 shares of the company’s stock valued at $341,000 after purchasing an additional 116 shares during the period. Ritholtz Wealth Management increased its position in PDD by 1.4% during the fourth quarter. Ritholtz Wealth Management now owns 12,189 shares of the company’s stock worth $1,783,000 after acquiring an additional 174 shares during the period. Finally, Lindbrook Capital LLC increased its position in PDD by 11.3% during the fourth quarter. Lindbrook Capital LLC now owns 2,047 shares of the company’s stock worth $299,000 after acquiring an additional 207 shares during the period. Institutional investors and hedge funds own 29.07% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup raised their price target on shares of PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Barclays raised their target price on shares of PDD from $164.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. JPMorgan Chase & Co. decreased their target price on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, March 21st. UBS Group raised their target price on shares of PDD from $248.00 to $272.00 and gave the company a “buy” rating in a report on Wednesday. Finally, The Goldman Sachs Group lowered shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 target price on the stock. in a report on Monday, March 11th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.23.

PDD Stock Up 1.1 %

NASDAQ:PDD opened at $147.09 on Thursday. The firm’s 50 day simple moving average is $127.04 and its 200 day simple moving average is $130.83. 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 $59.98 and a one year high of $156.50. The company has a market cap of $202.38 billion, a PE ratio of 25.67, a P/E/G ratio of 0.38 and a beta of 0.67.

PDD (NASDAQ:PDD) last posted its earnings results on Wednesday, March 20th. The company reported $2.23 EPS for the quarter, topping the consensus estimate of $1.42 by $0.81. PDD had a net margin of 24.23% and a return on equity of 39.10%. The business had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $11.80 billion. On average, research analysts anticipate that PDD Holdings Inc. will post 7.85 earnings per share for the current year.

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.