Rhumbline Advisers Sells 11,871 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Rhumbline Advisers lessened its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 12.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 87,262 shares of the company's stock after selling 11,871 shares during the period. Rhumbline Advisers' holdings in PDD were worth $10,327,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Renaissance Technologies LLC grew its position in PDD by 56.3% in the fourth quarter. Renaissance Technologies LLC now owns 947,500 shares of the company's stock worth $91,898,000 after acquiring an additional 341,300 shares in the last quarter. Baillie Gifford & Co. increased its position in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in PDD during the fourth quarter worth $4,685,000. Alberta Investment Management Corp raised its holdings in PDD by 12.6% in the fourth quarter. Alberta Investment Management Corp now owns 190,060 shares of the company's stock worth $18,434,000 after purchasing an additional 21,302 shares in the last quarter. Finally, FMR LLC lifted its position in 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 during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Price Performance

Shares of PDD stock traded up $0.77 during mid-day trading on Wednesday, hitting $103.16. 6,247,813 shares of the stock traded hands, compared to its average volume of 11,082,214. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $155.67. The firm has a market cap of $143.61 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 0.32 and a beta of 0.42. The company's 50-day simple moving average is $104.08 and its 200-day simple moving average is $108.18. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Benchmark reduced their price objective on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Macquarie reiterated an "outperform" rating on shares of PDD in a report on Tuesday, May 27th. JPMorgan Chase & Co. decreased their price objective on PDD from $125.00 to $105.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Finally, Jefferies Financial Group set a $121.00 target price on PDD and gave the company a "buy" rating in a research report on Tuesday, May 27th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $144.55.

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.