BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Lowers Position in PDD Holdings Inc. (NASDAQ:PDD)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 15.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 271,100 shares of the company's stock after selling 47,800 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in PDD were worth $26,294,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC bought a new stake in shares of PDD in the fourth quarter worth approximately $39,000. Global Retirement Partners LLC grew its stake in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC grew its position in PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after buying an additional 132 shares during the period. EverSource Wealth Advisors LLC grew its position in PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after buying an additional 249 shares during the period. Finally, Stephens Consulting LLC bought a new stake in PDD during the fourth quarter valued at approximately $97,000. 39.83% of the stock is currently owned by institutional investors.

PDD Price Performance

Shares of PDD traded down $0.56 during mid-day trading on Friday, reaching $119.24. The stock had a trading volume of 7,581,673 shares, compared to its average volume of 10,888,528. The firm has a market cap of $166.00 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 0.32 and a beta of 0.57. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $160.00. The business has a fifty day moving average of $109.36 and a 200 day moving average of $109.34. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PDD. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Nomura restated a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. JPMorgan Chase & Co. boosted their target price on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Jefferies Financial Group cut their target price on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Finally, Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and boosted their target price for the company from $127.00 to $165.00 in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, PDD presently has an average rating of "Moderate Buy" and a consensus price target of $164.20.

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.