Swedbank AB Sells 73,800 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Swedbank AB reduced its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 17.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 358,715 shares of the company’s stock after selling 73,800 shares during the quarter. Swedbank AB’s holdings in PDD were worth $34,792,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC boosted its holdings in PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after acquiring an additional 89 shares in the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of PDD by 6.8% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after purchasing an additional 166 shares during the period. CWM LLC boosted its stake in shares of PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after purchasing an additional 169 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of PDD by 50.9% during the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock valued at $68,000 after buying an additional 169 shares during the period. Finally, Prospera Private Wealth LLC bought a new position in PDD in the third quarter worth about $27,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on PDD shares. Jefferies Financial Group reduced their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Benchmark lowered their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Up 3.0 %

Shares of PDD stock opened at $115.40 on Friday. The company has a 50-day simple moving average of $101.19 and a two-hundred day simple moving average of $115.54. The stock has a market capitalization of $158.78 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 0.27 and a beta of 0.66. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

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.