Handelsbanken Fonder AB Has $36.99 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Handelsbanken Fonder AB lowered its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 16.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 312,518 shares of the company's stock after selling 60,698 shares during the quarter. Handelsbanken Fonder AB's holdings in PDD were worth $36,987,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in PDD during the 4th quarter worth $812,246,000. Sanders Capital LLC purchased a new stake in shares of PDD in the fourth quarter valued at about $499,972,000. FMR LLC boosted its position in PDD by 22.3% in the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after purchasing an additional 4,673,022 shares during the last quarter. FIL Ltd grew its position in shares of PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after acquiring an additional 3,350,627 shares during the period. Finally, Capital International Investors purchased a new stake in PDD during the fourth quarter valued at about $246,823,000. 39.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PDD. Benchmark lowered their price target on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the stock a "buy" rating in a report on Tuesday, May 27th. Nomura reissued a "neutral" rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $127.00 to $165.00 in a research report on Monday, May 12th. Finally, Macquarie reissued an "outperform" rating on shares of PDD in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $144.55.

PDD Price Performance

Shares of PDD stock traded down $0.21 during trading on Thursday, hitting $102.95. The stock had a trading volume of 2,678,410 shares, compared to its average volume of 11,049,557. The business has a fifty day moving average of $104.06 and a two-hundred day moving average of $108.14. The firm has a market cap of $143.32 billion, a P/E ratio of 10.05, a PEG ratio of 0.32 and a beta of 0.42. 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 fifty-two week low of $87.11 and a fifty-two week high of $155.67.

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.