Saba Capital Management L.P. Has $2.43 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Saba Capital Management L.P. decreased its holdings in PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 10.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,000 shares of the company's stock after selling 3,000 shares during the quarter. Saba Capital Management L.P.'s holdings in PDD were worth $2,425,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PDD. Hennion & Walsh Asset Management Inc. boosted its stake in shares of PDD by 5.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,430 shares of the company's stock valued at $721,000 after purchasing an additional 400 shares in the last quarter. Sicart Associates LLC boosted its position in PDD by 8.2% in the fourth quarter. Sicart Associates LLC now owns 10,116 shares of the company's stock valued at $981,000 after buying an additional 767 shares in the last quarter. Ritholtz Wealth Management boosted its position in PDD by 3.1% in the fourth quarter. Ritholtz Wealth Management now owns 13,894 shares of the company's stock valued at $1,348,000 after buying an additional 414 shares in the last quarter. Yarbrough Capital LLC bought a new stake in PDD during the fourth quarter worth about $1,942,000. Finally, Brooklyn Investment Group raised its stake in shares of PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company's stock valued at $51,000 after acquiring an additional 405 shares during the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Trading Down 0.9%

Shares of PDD traded down $1.07 on Tuesday, reaching $117.38. 4,974,169 shares of the company's stock were exchanged, compared to its average volume of 11,097,263. The business has a 50 day moving average price of $109.84 and a two-hundred day moving average price of $109.27. PDD Holdings Inc. has a 12 month low of $87.11 and a 12 month high of $164.69. The stock has a market capitalization of $163.41 billion, a P/E ratio of 11.46, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup upgraded PDD from a "neutral" rating to a "buy" rating and increased their price target for the stock from $127.00 to $165.00 in a research report on Monday, May 12th. JPMorgan Chase & Co. boosted their price objective on PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Nomura reiterated a "neutral" rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Finally, Benchmark restated a "buy" rating and issued a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, PDD currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.00.

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.