Sumitomo Mitsui Trust Group Inc. Decreases Stake in PDD Holdings Inc. (NASDAQ:PDD)

Sumitomo Mitsui Trust Group Inc. lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.1% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,662,347 shares of the company’s stock after selling 18,033 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.12% of PDD worth $161,231,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Baillie Gifford & Co. grew its stake in PDD by 2.8% in the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after purchasing an additional 988,042 shares during the period. FMR LLC increased its position in shares of PDD by 8.6% during the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after buying an additional 1,654,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. Geode Capital Management LLC grew its position in PDD by 12.3% during the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after buying an additional 513,248 shares in the last quarter. Finally, H&H International Investment LLC raised its stake in PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after purchasing an additional 3,804,600 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

Shares of PDD stock opened at $114.27 on Friday. The company has a market cap of $157.22 billion, a PE ratio of 11.16, a P/E/G ratio of 0.29 and a beta of 0.66. The business has a 50 day moving average of $102.55 and a 200 day moving average of $114.73. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group lowered their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Benchmark reduced their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, PDD has an average rating of “Moderate Buy” and a consensus price target of $173.40.

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.