PDD Holdings Inc. (NASDAQ:PDD) Stake Lessened by Rehmann Capital Advisory Group

Rehmann Capital Advisory Group lessened its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,370 shares of the company’s stock after selling 145 shares during the quarter. Rehmann Capital Advisory Group’s holdings in PDD were worth $321,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new stake in PDD in the 3rd quarter valued at about $27,000. Venturi Wealth Management LLC acquired a new stake in PDD during the third quarter valued at approximately $29,000. Ashton Thomas Private Wealth LLC acquired a new stake in PDD during the second quarter valued at approximately $32,000. Richardson Financial Services Inc. boosted its holdings in PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after buying an additional 233 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in PDD in the third quarter worth approximately $34,000. Institutional investors own 39.83% of the company’s stock.

PDD Stock Up 1.2 %

PDD stock opened at $104.66 on Friday. The company has a 50 day moving average of $118.95 and a two-hundred day moving average of $125.76. The company has a market cap of $144.00 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 0.30 and a beta of 0.66. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month 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.

Analysts Set New Price Targets

PDD has been the subject of several research reports. Barclays reduced their price objective on PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a research note on Tuesday, August 27th. Benchmark dropped their price target on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note 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. Daiwa America upgraded shares of PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

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.