Van ECK Associates Corp Lowers Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Van ECK Associates Corp cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 62.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 50,591 shares of the company’s stock after selling 84,548 shares during the period. Van ECK Associates Corp’s holdings in PDD were worth $4,907,000 as of its most recent SEC filing.

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

PDD Stock Up 3.5 %

PDD stock opened at $128.46 on Wednesday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average of $105.24 and a two-hundred day moving average of $114.02. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a market cap of $176.74 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.29 and a beta of 0.67.

Analysts Set New Price Targets

A number of research analysts have issued reports on PDD shares. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Benchmark reduced their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price target on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Three 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’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $173.40.

About PDD

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.