Handelsbanken Fonder AB lowered its position in shares of PDD Holdings Inc. (NASDAQ:PDD – Free Report) by 2.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 362,319 shares of the company’s stock after selling 9,211 shares during the quarter. Handelsbanken Fonder AB’s holdings in PDD were worth $48,844,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Peoples Bank KS acquired a new position in PDD in the third quarter valued at about $67,000. Sanctuary Advisors LLC acquired a new position in shares of PDD in the 2nd quarter valued at approximately $1,211,000. Teachers Retirement System of The State of Kentucky bought a new stake in PDD during the 2nd quarter worth approximately $15,329,000. Cetera Investment Advisers raised its holdings in PDD by 21.2% during the 2nd quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock worth $5,525,000 after buying an additional 7,255 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in PDD by 9.4% in the second quarter. NewEdge Advisors LLC now owns 15,207 shares of the company’s stock valued at $2,022,000 after buying an additional 1,304 shares in the last quarter. Institutional investors own 29.07% of the company’s stock.
PDD Stock Up 1.1 %
Shares of PDD stock traded up $1.65 on Friday, reaching $154.27. 21,112,583 shares of the company were exchanged, compared to its average volume of 10,596,437. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average of $120.06 and a 200 day moving average of $129.39. The company has a market capitalization of $212.26 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 0.33 and a beta of 0.71.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on PDD. Daiwa America raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Benchmark dropped their price target on PDD from $230.00 to $185.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Barclays reduced their price target on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research report on Tuesday, August 27th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $177.78.
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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