Point72 Hong Kong Ltd Sells 103,501 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Point72 Hong Kong Ltd cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 42.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 141,603 shares of the company’s stock after selling 103,501 shares during the quarter. PDD makes up approximately 1.3% of Point72 Hong Kong Ltd’s portfolio, making the stock its 15th largest holding. Point72 Hong Kong Ltd’s holdings in PDD were worth $19,090,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PDD. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of PDD by 1,374.3% during 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. Acadian Asset Management LLC grew its holdings in PDD by 107.8% during the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after buying an additional 1,904,155 shares in the last quarter. Tairen Capital Ltd increased its position in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after buying an additional 1,788,076 shares during the period. FMR LLC lifted its holdings in shares of PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after buying an additional 1,654,764 shares in the last quarter. Finally, Dragoneer Investment Group LLC boosted its position in shares of PDD by 142.6% in the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock valued at $348,440,000 after acquiring an additional 1,540,346 shares during the period. Institutional investors own 29.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Benchmark decreased their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Nomura Securities upgraded PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Sanford C. Bernstein reduced their target price on PDD from $235.00 to $170.00 and set an “outperform” rating for the company in a research report on Tuesday, August 27th. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. Finally, Daiwa America raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Three 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Stock Performance

NASDAQ:PDD opened at $96.56 on Friday. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The business has a 50 day moving average of $123.25 and a 200 day moving average of $128.33. The company has a market capitalization of $132.85 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.28 and a beta of 0.71.

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.