PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by ING Groep NV

ING Groep NV decreased its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 97.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,072 shares of the company's stock after selling 68,081 shares during the quarter. ING Groep NV's holdings in PDD were worth $303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. purchased a new stake in PDD in the 3rd quarter valued at about $285,000. Raymond James & Associates grew its stake in PDD by 156.5% in the third quarter. Raymond James & Associates now owns 8,736 shares of the company's stock worth $857,000 after purchasing an additional 5,330 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in PDD by 18.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 84,443 shares of the company's stock worth $8,281,000 after purchasing an additional 12,986 shares during the period. Ieq Capital LLC increased its holdings in PDD by 19.8% during the 3rd quarter. Ieq Capital LLC now owns 5,259 shares of the company's stock worth $516,000 after purchasing an additional 870 shares during the period. Finally, Victory Capital Management Inc. raised its position in PDD by 8.1% during the 3rd quarter. Victory Capital Management Inc. now owns 860,389 shares of the company's stock valued at $84,378,000 after purchasing an additional 64,229 shares in the last quarter. 29.07% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PDD shares. Barclays raised their price target on PDD from $164.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday, March 21st. Sanford C. Bernstein boosted their price target on shares of PDD from $180.00 to $235.00 and gave the company an "outperform" rating in a report on Thursday. Benchmark upped their price target on shares of PDD from $220.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday. UBS Group upped their target price on PDD from $248.00 to $272.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Jefferies Financial Group lifted their price target on PDD from $157.00 to $161.00 and gave the company a "buy" rating in a report on Thursday, March 21st. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $175.08.

PDD Stock Up 4.4 %

Shares of PDD traded up $6.54 during mid-day trading on Thursday, hitting $153.63. 21,394,413 shares of the company traded hands, compared to its average volume of 8,887,928. The business has a 50 day moving average of $127.04 and a 200 day moving average of $130.83. The company has a market capitalization of $211.37 billion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 0.38 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 Holdings Inc. has a 1-year low of $59.98 and a 1-year high of $160.00.

PDD (NASDAQ:PDD - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $12.52 billion during the quarter, compared to analysts' expectations of $11.80 billion. Equities research analysts anticipate 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.