USS Investment Management Ltd Sells 219,622 Shares of PDD Holdings Inc. (NASDAQ:PDD)

USS Investment Management Ltd cut its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 45.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm 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.

Several other hedge funds also recently bought and sold shares of PDD. Nisa Investment Advisors LLC bought a new position in shares of PDD during the 4th quarter valued at about $39,000. Brooklyn Investment Group raised its holdings in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after buying an additional 405 shares during the period. Global Retirement Partners LLC lifted its stake in 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 in the last quarter. Farther Finance Advisors LLC increased its position in shares of PDD by 30.9% during the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock worth $54,000 after acquiring an additional 132 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock worth $80,000 after acquiring an additional 249 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup raised shares of PDD from a "neutral" rating to a "buy" rating and upped their target price for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Nomura reiterated a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. JPMorgan Chase & Co. lifted their target price on PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. Finally, Benchmark reaffirmed a "buy" rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $164.20.

PDD Stock Down 0.5%

Shares of PDD stock traded down $0.56 on Friday, reaching $119.24. 7,581,673 shares of the company were exchanged, compared to its average volume of 10,963,206. The company has a market capitalization of $166.00 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 0.32 and a beta of 0.57. 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 one year low of $87.11 and a one year high of $164.69. The company has a 50-day moving average of $109.51 and a 200 day moving average of $109.36.

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.