PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by USS Investment Management Ltd

USS Investment Management Ltd lowered its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 45.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 267,153 shares of the company's stock after selling 219,622 shares during the period. USS Investment Management Ltd's holdings in PDD were worth $25,915,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PDD. Norges Bank acquired a new position in PDD during the 4th quarter worth approximately $812,246,000. Sanders Capital LLC acquired a new position in shares of PDD in the 4th quarter valued at $499,972,000. FMR LLC boosted its holdings in shares of PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock valued at $2,483,253,000 after buying an additional 4,673,022 shares in the last quarter. FIL Ltd boosted its holdings in shares of PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock valued at $773,847,000 after buying an additional 3,350,627 shares in the last quarter. Finally, Capital International Investors acquired a new position in shares of PDD in the 4th quarter valued at $246,823,000. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Performance

PDD stock traded down $0.56 during trading hours on Friday, reaching $119.24. 7,581,673 shares of the stock were exchanged, compared to its average volume of 10,888,528. The stock has a market cap of $166.00 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.32 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $160.00. The firm's 50 day moving average is $109.36 and its 200 day moving average is $109.26.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on PDD shares. JPMorgan Chase & Co. upped their target price on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Nomura restated a "neutral" rating and issued a $130.00 target price (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Benchmark restated a "buy" rating and issued a $160.00 target price on shares of PDD in a report on Friday, March 21st. Nomura Securities cut shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Citigroup upgraded shares of PDD from a "neutral" rating to a "buy" rating and upped their price target for the company from $127.00 to $165.00 in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $162.00.

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.