Nomura Asset Management Co. Ltd. Reduces Stake in PDD Holdings Inc. (NASDAQ:PDD)

Nomura Asset Management Co. Ltd. cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 98.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 106,628 shares of the company’s stock after selling 7,001,434 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in PDD were worth $10,342,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of PDD. Norges Bank acquired a new stake in shares of PDD in the fourth quarter worth $812,246,000. NEOS Investment Management LLC lifted its position in PDD by 20.3% during the fourth quarter. NEOS Investment Management LLC now owns 46,758 shares of the company’s stock valued at $4,535,000 after purchasing an additional 7,892 shares during the period. BIT Capital GmbH boosted its holdings in PDD by 85.5% in the fourth quarter. BIT Capital GmbH now owns 685,365 shares of the company’s stock valued at $66,474,000 after purchasing an additional 315,919 shares during the last quarter. Sava Infond d.o.o. acquired a new stake in PDD during the 4th quarter worth about $582,000. Finally, Brilliance Asset Management Ltd. raised its stake in shares of PDD by 316.0% during the 4th quarter. Brilliance Asset Management Ltd. now owns 646,212 shares of the company’s stock valued at $62,676,000 after buying an additional 490,860 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Down 3.1 %

Shares of NASDAQ PDD opened at $120.45 on Monday. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. 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 company’s 50-day simple moving average is $118.16 and its 200-day simple moving average is $114.47. The firm has a market cap of $165.72 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Nomura restated a “neutral” rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. JPMorgan Chase & Co. lifted their target price on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. 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 given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD 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.