PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 66.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,961 shares of the company's stock after selling 24,136 shares during the quarter. Envestnet Asset Management Inc.'s holdings in PDD were worth $1,160,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PDD. Aviva PLC raised its position in PDD by 1.2% during the fourth quarter. Aviva PLC now owns 616,033 shares of the company's stock valued at $59,749,000 after acquiring an additional 7,088 shares in the last quarter. Resona Asset Management Co. Ltd. purchased a new position in PDD during the fourth quarter valued at approximately $16,411,000. Arizona PSPRS Trust purchased a new stake in shares of PDD in the fourth quarter valued at approximately $1,372,000. Pamalican Asset Management Ltd purchased a new stake in shares of PDD in the fourth quarter valued at approximately $11,445,000. Finally, Integrated Quantitative Investments LLC purchased a new stake in shares of PDD in the fourth quarter valued at approximately $1,463,000. Institutional investors and hedge funds own 39.83% of the company's stock.

Analysts Set New Price Targets

PDD has been the subject of a number of recent analyst reports. Benchmark restated a "buy" rating and issued a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Citigroup reaffirmed a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Jefferies Financial Group lowered their price target on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. lifted their price target on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $169.91.

PDD Stock Up 1.4 %

Shares of NASDAQ:PDD opened at $105.57 on Thursday. The company has a market capitalization of $145.25 billion, a PE ratio of 10.31, a P/E/G ratio of 0.32 and a beta of 0.73. 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 twelve month low of $87.11 and a twelve month high of $164.69. The firm has a 50 day simple moving average of $110.88 and a 200-day simple moving average of $110.50.

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.

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