Northwestern Mutual Wealth Management Co. Sells 3,296 Shares of PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• Northwestern Mutual Wealth Management Co. reduced its stake in PDD Holdings Inc. by 19.0%, selling 3,296 shares and holding a total of 14,025 shares worth approximately $1.66 million.
• Institutional investors currently own 39.83% of PDD stock, with several firms, including Hollencrest Capital Management and OneDigital Investment Advisors LLC, making significant new investments in the first quarter.
• Research firms have varying outlooks on PDD, with Barclays raising its target price to $165.00 and most analysts giving the stock a consensus rating of "Hold."

Northwestern Mutual Wealth Management Co. cut its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 19.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,025 shares of the company's stock after selling 3,296 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in PDD were worth $1,660,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in PDD in the first quarter worth $26,000. IFP Advisors Inc lifted its position in PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company's stock worth $48,000 after buying an additional 290 shares during the last quarter. Goldstream Capital Management Ltd bought a new stake in PDD in the first quarter worth $102,000. OneDigital Investment Advisors LLC bought a new stake in PDD in the first quarter worth $204,000. Finally, Gunderson Capital Management Inc. bought a new stake in shares of PDD during the first quarter worth $218,000. 39.83% of the stock is currently owned by institutional investors.

PDD Price Performance

PDD stock opened at $120.22 on Friday. The business has a 50-day moving average price of $112.47 and a 200 day moving average price of $111.30. The company has a market capitalization of $167.36 billion, a P/E ratio of 13.04, a PEG ratio of 1.63 and a beta of 0.42. PDD Holdings Inc. Sponsored ADR has a 1-year low of $87.11 and a 1-year high of $155.67.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PDD. Barclays lifted their target price on PDD from $158.00 to $165.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Citigroup reiterated a "buy" rating on shares of PDD in a research report on Monday, August 25th. China Renaissance reiterated a "hold" rating and set a $107.00 target price on shares of PDD in a research report on Wednesday, May 28th. Benchmark reiterated a "buy" rating and set a $160.00 target price (up from $128.00) on shares of PDD in a research report on Tuesday, August 26th. Finally, JPMorgan Chase & Co. decreased their target price on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $137.82.

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.

Want to see what other hedge funds are holding PDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.