Pinebridge Investments L.P. Sells 42,051 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Pinebridge Investments L.P. reduced its position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 83.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,627 shares of the company's stock after selling 42,051 shares during the period. Pinebridge Investments L.P.'s holdings in PDD were worth $837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in PDD in the 4th quarter worth approximately $812,246,000. Sanders Capital LLC bought a new stake in PDD in the 4th quarter worth approximately $499,972,000. FMR LLC increased its stake in PDD by 22.3% in the 4th quarter. FMR LLC now owns 25,603,183 shares of the company's stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the last quarter. FIL Ltd increased its stake in PDD by 72.4% in the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company's stock worth $773,847,000 after acquiring an additional 3,350,627 shares during the last quarter. Finally, Capital International Investors bought a new stake in PDD in the 4th quarter worth approximately $246,823,000. 39.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PDD has been the topic of several recent research reports. Citigroup restated a "neutral" rating on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group dropped their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Nomura reaffirmed a "neutral" rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Nomura Securities lowered shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

PDD Stock Down 0.9 %

NASDAQ:PDD opened at $103.09 on Tuesday. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $164.69. The company has a market cap of $141.84 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73. The stock has a fifty day simple moving average of $111.80 and a 200-day simple moving average of $110.58. 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 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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