Wellington Management Group LLP Trims Position in PDD Holdings Inc. (NASDAQ:PDD)

Wellington Management Group LLP decreased its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 11.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 788,510 shares of the company's stock after selling 99,928 shares during the period. Wellington Management Group LLP owned about 0.06% of PDD worth $76,478,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC acquired a new position in shares of PDD during the fourth quarter worth $39,000. Blue Trust Inc. grew its stake in shares of PDD by 33.7% during the fourth quarter. Blue Trust Inc. now owns 6,132 shares of the company's stock worth $595,000 after purchasing an additional 1,547 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of PDD by 1.6% during the fourth quarter. Pacer Advisors Inc. now owns 33,287 shares of the company's stock worth $3,229,000 after purchasing an additional 531 shares in the last quarter. Synergy Asset Management LLC grew its stake in shares of PDD by 138.8% during the fourth quarter. Synergy Asset Management LLC now owns 205,740 shares of the company's stock worth $19,955,000 after purchasing an additional 119,580 shares in the last quarter. Finally, Institute for Wealth Management LLC. grew its stake in shares of PDD by 9.2% during the fourth quarter. Institute for Wealth Management LLC. now owns 2,980 shares of the company's stock worth $289,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Performance

NASDAQ PDD traded down $1.56 during trading hours on Friday, hitting $96.73. The company had a trading volume of 17,167,316 shares, compared to its average volume of 11,094,873. 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 1-year low of $87.11 and a 1-year high of $155.67. The company has a market cap of $134.66 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The business has a 50 day moving average of $106.92 and a 200-day moving average of $108.79.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Benchmark lowered their target price on shares of PDD from $160.00 to $128.00 and set a "buy" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on shares of PDD from $125.00 to $105.00 and set a "neutral" rating for the company in a research note on Wednesday. China Renaissance reiterated a "hold" rating and set a $107.00 target price on shares of PDD in a research note on Wednesday. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group set a $121.00 target price on shares of PDD and gave the stock a "buy" rating in a research note on Tuesday. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.