Public Employees Retirement System of Ohio Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Public Employees Retirement System of Ohio lowered its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 31.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 221,518 shares of the company's stock after selling 104,004 shares during the quarter. Public Employees Retirement System of Ohio's holdings in PDD were worth $21,485,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PDD. Baillie Gifford & Co. grew its holdings in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock worth $3,691,376,000 after acquiring an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of PDD by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company's stock worth $2,779,986,000 after acquiring an additional 268,662 shares during the last quarter. FMR LLC increased its holdings in shares of PDD by 22.3% during the fourth quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after acquiring an additional 4,673,022 shares in the last quarter. Norges Bank purchased a new position in shares of PDD in the 4th quarter valued at approximately $812,246,000. Finally, FIL Ltd boosted its stake in PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after purchasing an additional 3,350,627 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

PDD Price Performance

NASDAQ:PDD traded up $0.41 during trading hours on Thursday, hitting $98.29. 15,159,562 shares of the stock were exchanged, compared to its average volume of 11,070,084. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $155.67. The company has a market cap of $136.83 billion, a P/E ratio of 9.60, a P/E/G ratio of 0.32 and a beta of 0.57. The firm's fifty day moving average price is $108.09 and its 200 day moving average price is $109.04.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent research reports. Macquarie reiterated an "outperform" rating on shares of PDD in a research report on Tuesday. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and upped their price objective for the company from $127.00 to $165.00 in a report on Monday, May 12th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $112.00 target price on shares of PDD in a report on Wednesday. Jefferies Financial Group set a $121.00 price target on PDD and gave the stock a "buy" rating in a research report on Tuesday. Finally, Nomura reaffirmed a "neutral" rating and set a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $144.55.

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.