PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 64.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,431 shares of the company's stock after selling 24,804 shares during the quarter. Lord Abbett & CO. LLC's holdings in PDD were worth $1,303,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Kamunting Street Capital Management L.P. lifted its position in shares of PDD by 10.0% during the 4th quarter. Kamunting Street Capital Management L.P. now owns 30,000 shares of the company's stock valued at $2,910,000 after buying an additional 2,728 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of PDD by 28.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 133,990 shares of the company's stock valued at $12,996,000 after purchasing an additional 29,990 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of PDD by 157.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 39,124 shares of the company's stock worth $3,795,000 after purchasing an additional 23,929 shares in the last quarter. Natixis increased its stake in shares of PDD by 401.3% during the fourth quarter. Natixis now owns 30,336 shares of the company's stock worth $2,942,000 after purchasing an additional 24,284 shares in the last quarter. Finally, Norinchukin Bank The raised its position in shares of PDD by 8.4% during the 4th quarter. Norinchukin Bank The now owns 6,458 shares of the company's stock worth $626,000 after purchasing an additional 500 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

PDD stock opened at $104.01 on Monday. PDD Holdings Inc. has a 52-week low of $87.11 and a 52-week high of $164.69. The business has a fifty day moving average of $112.23 and a two-hundred day moving average of $110.87. The stock has a market cap of $143.10 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PDD shares. Benchmark reiterated a "buy" rating and issued a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Jefferies Financial Group dropped their price target on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Nomura reissued a "neutral" rating and issued a $130.00 price target (down 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $169.91.

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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