Sumitomo Mitsui Trust Group Inc. Sells 18,033 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Sumitomo Mitsui Trust Group Inc. cut its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 1.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,662,347 shares of the company’s stock after selling 18,033 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in PDD were worth $161,231,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Gordian Capital Singapore Pte Ltd boosted its stake in PDD by 1,218.9% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after acquiring an additional 6,460 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of PDD by 63.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after buying an additional 14,905 shares during the last quarter. TB Alternative Assets Ltd. increased its position in PDD by 33.7% during the 3rd quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after buying an additional 43,648 shares in the last quarter. Vontobel Holding Ltd. raised its stake in PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after buying an additional 27,567 shares during the last quarter. Finally, BOCHK Asset Management Ltd boosted its holdings in PDD by 3,391.7% in the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after acquiring an additional 40,700 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Up 1.4 %

PDD stock opened at $114.27 on Friday. The business’s 50-day moving average is $102.55 and its two-hundred day moving average is $114.73. The company has a market cap of $157.22 billion, a price-to-earnings ratio of 11.16, a P/E/G ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

Wall Street Analyst Weigh In

PDD has been the subject of several analyst reports. Benchmark reduced their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group reduced their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. cut 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. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock 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.