California Public Employees Retirement System Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

California Public Employees Retirement System trimmed its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 8.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 993,591 shares of the company’s stock after selling 89,077 shares during the period. California Public Employees Retirement System’s holdings in PDD were worth $96,368,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC acquired a new position in shares of PDD in the 4th quarter worth approximately $39,000. Brooklyn Investment Group lifted its stake in PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after purchasing an additional 405 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after buying an additional 498 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after acquiring an additional 249 shares in the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $118.35 on Tuesday. The business has a 50 day moving average price of $118.41 and a 200 day moving average price of $114.61. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock has a market cap of $162.83 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

Analysts Set New Price Targets

PDD has been the subject of several research reports. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Jefferies Financial Group dropped their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Nomura reiterated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. boosted their target price on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $169.91.

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.