E Fund Management Co. Ltd. Has $670.38 Million Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Co. Ltd. lowered its stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 1.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,581,940 shares of the company's stock after selling 72,503 shares during the quarter. PDD makes up about 42.5% of E Fund Management Co. Ltd.'s holdings, making the stock its biggest position. E Fund Management Co. Ltd. owned about 0.35% of PDD worth $670,384,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. purchased a new position in shares of PDD during the third quarter valued at approximately $285,000. Raymond James & Associates increased its stake in PDD by 156.5% in the third quarter. Raymond James & Associates now owns 8,736 shares of the company's stock valued at $857,000 after purchasing an additional 5,330 shares during the last quarter. Bank of New York Mellon Corp lifted its position in PDD by 21.8% during the third quarter. Bank of New York Mellon Corp now owns 1,679,760 shares of the company's stock worth $164,734,000 after buying an additional 301,141 shares during the period. Mackenzie Financial Corp grew its holdings in PDD by 98.9% in the 3rd quarter. Mackenzie Financial Corp now owns 30,079 shares of the company's stock valued at $2,945,000 after buying an additional 14,954 shares during the period. Finally, IFM Investors Pty Ltd increased its stake in shares of PDD by 41.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 35,511 shares of the company's stock valued at $3,483,000 after acquiring an additional 10,447 shares during the last quarter. Hedge funds and other institutional investors own 29.07% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Jefferies Financial Group boosted their price target on PDD from $157.00 to $161.00 and gave the company a "buy" rating in a research report on Thursday, March 21st. Citigroup increased their target price on shares of PDD from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, March 21st. The Goldman Sachs Group downgraded shares of PDD from a "buy" rating to a "neutral" rating and set a $136.00 price objective for the company. in a research note on Monday, March 11th. Barclays raised their target price on shares of PDD from $164.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. decreased their price target on shares of PDD from $195.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, March 21st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $146.85.

PDD Stock Down 2.0 %

Shares of PDD traded down $2.78 during midday trading on Thursday, reaching $136.38. 5,549,183 shares of the stock were exchanged, compared to its average volume of 8,450,018. The firm has a 50 day simple moving average of $122.43 and a 200-day simple moving average of $128.24. PDD Holdings Inc. has a 12-month low of $59.67 and a 12-month high of $152.99. The company has a market cap of $179.97 billion, a price-to-earnings ratio of 23.80, a P/E/G ratio of 0.36 and a beta of 0.67. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.03.

PDD (NASDAQ:PDD - Get Free Report) last issued its quarterly earnings data on Wednesday, March 20th. The company reported $2.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.42 by $0.81. PDD had a net margin of 24.23% and a return on equity of 39.10%. The firm had revenue of $12.52 billion during the quarter, compared to analysts' expectations of $11.80 billion. Research analysts forecast that PDD Holdings Inc. will post 7.85 EPS for the current year.

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.