PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by CastleKnight Management LP

CastleKnight Management LP lowered its stake in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 46.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,500 shares of the company's stock after selling 77,000 shares during the period. CastleKnight Management LP's holdings in PDD were worth $8,487,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PDD. Cetera Investment Advisers raised its holdings in shares of PDD by 13.0% in the 4th quarter. Cetera Investment Advisers now owns 11,154 shares of the company's stock worth $1,082,000 after buying an additional 1,280 shares in the last quarter. Cantor Fitzgerald L. P. bought a new position in shares of PDD in the 4th quarter worth about $437,000. Cat Rock Capital Management LP grew its position in PDD by 19.2% in the 4th quarter. Cat Rock Capital Management LP now owns 822,714 shares of the company's stock valued at $79,795,000 after purchasing an additional 132,555 shares during the period. Bayesian Capital Management LP bought a new stake in shares of PDD in the fourth quarter valued at $394,000. Finally, Alden Global Capital LLC grew its holdings in shares of PDD by 55.6% during the fourth quarter. Alden Global Capital LLC now owns 144,375 shares of the company's stock worth $14,003,000 after purchasing an additional 51,590 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PDD. Jefferies Financial Group reduced their price target on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Benchmark reiterated a "buy" rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Citigroup reissued a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. Finally, Nomura restated a "neutral" rating and issued a $130.00 price target (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $169.91.

PDD Stock Performance

Shares of PDD stock opened at $110.85 on Tuesday. PDD Holdings Inc. has a one year low of $87.11 and a one year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business has a 50-day simple moving average of $110.26 and a 200 day simple moving average of $109.86. The firm has a market capitalization of $152.52 billion, a price-to-earnings ratio of 10.83, a PEG ratio of 0.32 and a beta of 0.57.

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.

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