PDD Holdings Inc. (NASDAQ:PDD) Stock Position Lowered by Janney Capital Management LLC

Janney Capital Management LLC lowered its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 37.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 36,084 shares of the company’s stock after selling 21,622 shares during the period. Janney Capital Management LLC’s holdings in PDD were worth $3,500,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PDD. Envestnet Asset Management Inc. boosted its position in shares of PDD by 263.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 102,006 shares of the company’s stock valued at $13,562,000 after purchasing an additional 73,908 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in PDD by 56.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 13,219 shares of the company’s stock worth $1,757,000 after buying an additional 4,750 shares in the last quarter. Beck Bode LLC acquired a new position in PDD in the second quarter worth approximately $16,113,000. Intech Investment Management LLC increased its holdings in shares of PDD by 9.9% in the second quarter. Intech Investment Management LLC now owns 16,397 shares of the company’s stock valued at $2,180,000 after buying an additional 1,475 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of PDD by 1.7% during the 2nd quarter. Pacer Advisors Inc. now owns 32,140 shares of the company’s stock valued at $4,273,000 after acquiring an additional 540 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Benchmark decreased their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group cut their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and cut their price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Finally, Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Trading Down 2.0 %

PDD stock opened at $102.07 on Wednesday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company’s fifty day simple moving average is $101.95 and its 200-day simple moving average is $116.63. The stock has a market cap of $140.44 billion, a P/E ratio of 10.10, a P/E/G ratio of 0.27 and a beta of 0.66.

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.