First Trust Advisors LP Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

First Trust Advisors LP cut its position in PDD Holdings Inc. (NASDAQ:PDD) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,105,523 shares of the company’s stock after selling 26,762 shares during the quarter. First Trust Advisors LP’s holdings in PDD were worth $107,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Baillie Gifford & Co. raised its position in PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PDD by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after purchasing an additional 268,662 shares during the last quarter. FMR LLC raised its holdings in shares of PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock valued at $2,483,253,000 after buying an additional 4,673,022 shares in the last quarter. Norges Bank bought a new stake in PDD in the 4th quarter worth approximately $812,246,000. Finally, FIL Ltd boosted its stake in PDD by 72.4% in the fourth quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock worth $773,847,000 after buying an additional 3,350,627 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

Shares of PDD stock opened at $93.69 on Monday. The business has a 50 day moving average of $114.56 and a 200 day moving average of $112.51. PDD Holdings Inc. has a 52 week low of $87.11 and a 52 week high of $164.69. The company has a market cap of $128.91 billion, a PE ratio of 9.15, a P/E/G ratio of 0.32 and a beta of 0.73. 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

PDD has been the topic of several research reports. Nomura reissued a “neutral” rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. JPMorgan Chase & Co. lifted their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Finally, Benchmark restated a “buy” rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, PDD currently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Company 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.