West Family Investments Inc. Cuts Holdings in PDD Holdings Inc. (NASDAQ:PDD)

West Family Investments Inc. reduced its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 3.5% during the 4th quarter, HoldingsChannel reports. The fund owned 3,034 shares of the company’s stock after selling 110 shares during the period. West Family Investments Inc.’s holdings in PDD were worth $294,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Raymond James Financial Inc. acquired a new stake in PDD in the 4th quarter valued at $3,114,000. M&T Bank Corp grew its position in shares of PDD by 11.0% in the fourth quarter. M&T Bank Corp now owns 17,570 shares of the company’s stock valued at $1,704,000 after purchasing an additional 1,740 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of PDD by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 927,788 shares of the company’s stock worth $89,986,000 after purchasing an additional 23,772 shares in the last quarter. Plato Investment Management Ltd acquired a new position in shares of PDD during the 4th quarter worth about $189,000. Finally, SBI Securities Co. Ltd. purchased a new position in PDD in the 4th quarter valued at about $455,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Jefferies Financial Group decreased 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. Benchmark dropped their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Three equities research 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. Based on data from MarketBeat, PDD has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Trading Up 0.1 %

Shares of PDD opened at $119.92 on Friday. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The firm has a market capitalization of $164.99 billion, a P/E ratio of 11.71, a P/E/G ratio of 0.32 and a beta of 0.69. The firm has a 50-day moving average price of $110.66 and a 200 day moving average price of $112.55. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

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.