Invesco Ltd. Cuts Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Invesco Ltd. trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 21.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,664,660 shares of the company's stock after selling 1,007,076 shares during the period. Invesco Ltd. owned about 0.27% of PDD worth $355,435,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PDD. HighTower Advisors LLC increased its stake in PDD by 100.5% in the 3rd quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock worth $559,000 after purchasing an additional 800,614 shares during the period. Stifel Financial Corp raised its holdings in PDD by 172.8% during the 3rd quarter. Stifel Financial Corp now owns 6,400 shares of the company's stock valued at $863,000 after buying an additional 4,054 shares during the last quarter. M&T Bank Corp purchased a new stake in PDD during the 3rd quarter valued at $2,134,000. Geode Capital Management LLC grew its holdings in PDD by 12.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company's stock worth $627,104,000 after acquiring an additional 513,248 shares during the last quarter. Finally, TT International Asset Management LTD purchased a new position in shares of PDD in the third quarter valued at about $74,430,000. Institutional investors own 39.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Nomura Securities cut PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Jefferies Financial Group reduced their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. JPMorgan Chase & Co. raised 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. Nomura restated a "neutral" rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Finally, Citigroup reaffirmed a "neutral" rating on shares of PDD in a research note on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, PDD has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Stock Up 0.0 %

NASDAQ:PDD traded up $0.02 during trading hours on Tuesday, reaching $94.80. 5,381,256 shares of the company traded hands, compared to its average volume of 10,465,600. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The business's 50-day moving average price is $116.30 and its two-hundred day moving average price is $113.99. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The stock has a market capitalization of $130.43 billion, a P/E ratio of 9.26, a P/E/G ratio of 0.32 and a beta of 0.73.

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.