Royal Bank of Canada Sells 108,530 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Royal Bank of Canada decreased its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 33.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 214,936 shares of the company's stock after selling 108,530 shares during the period. Royal Bank of Canada's holdings in PDD were worth $20,846,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC acquired a new stake in shares of PDD in the fourth quarter valued at about $39,000. Global Retirement Partners LLC increased 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 valued at $53,000 after buying an additional 498 shares during the period. Farther Finance Advisors LLC increased its stake in shares of PDD by 30.9% in 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 increased its stake in shares of PDD by 43.2% in 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 acquired a new stake in shares of PDD in the fourth quarter valued at about $97,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Performance

Shares of NASDAQ:PDD traded down $5.10 during midday trading on Wednesday, reaching $97.88. 18,673,489 shares of the company traded hands, compared to its average volume of 11,080,228. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $160.00. The firm has a market capitalization of $136.26 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The firm's fifty day moving average price is $108.66 and its two-hundred day moving average price is $109.11.

Analyst Upgrades and Downgrades

PDD has been the subject of several recent research reports. JPMorgan Chase & Co. decreased their price target on PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday. Nomura reiterated a "neutral" rating and issued a $130.00 target price (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark lowered their target price on PDD from $160.00 to $128.00 and set a "buy" rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $112.00 target price on shares of PDD in a report on Wednesday. Finally, Jefferies Financial Group reduced their price objective on PDD from $156.00 to $121.00 and set a "buy" rating for the company in a research note on Tuesday. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, PDD presently has an average rating of "Moderate Buy" and an average price target of $144.55.

About PDD

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.