Mirae Asset Global Investments Co. Ltd. Sells 129,966 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Mirae Asset Global Investments Co. Ltd. cut its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 23.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 414,628 shares of the company’s stock after selling 129,966 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in PDD were worth $40,215,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PDD. Cetera Investment Advisers boosted its stake in shares of PDD by 21.2% during the 2nd quarter. Cetera Investment Advisers now owns 41,554 shares of the company’s stock worth $5,525,000 after purchasing an additional 7,255 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of PDD during the 2nd quarter worth about $1,211,000. Insight Wealth Strategies LLC boosted its stake in shares of PDD by 57.2% during the 3rd quarter. Insight Wealth Strategies LLC now owns 41,974 shares of the company’s stock worth $5,659,000 after purchasing an additional 15,273 shares during the period. Future Financial Wealth Managment LLC purchased a new position in shares of PDD during the 3rd quarter worth about $34,000. Finally, CWM LLC boosted its stake in shares of PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after purchasing an additional 169 shares during the period. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Up 8.4 %

NASDAQ:PDD opened at $114.05 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The firm has a market cap of $156.92 billion, a P/E ratio of 11.14, a P/E/G ratio of 0.29 and a beta of 0.66. The firm has a 50-day simple moving average of $101.75 and a 200-day simple moving average of $114.91. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69.

Analyst Upgrades and Downgrades

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

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.