Franklin Resources Inc. Lowers Position in PDD Holdings Inc. (NASDAQ:PDD)

Franklin Resources Inc. decreased its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 20.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 469,091 shares of the company’s stock after selling 123,257 shares during the period. Franklin Resources Inc.’s holdings in PDD were worth $45,497,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PDD. Baillie Gifford & Co. lifted its position in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after buying an additional 1,942,891 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of PDD by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock worth $2,779,986,000 after purchasing an additional 268,662 shares during the last quarter. Norges Bank bought a new stake in shares of PDD in the 4th quarter worth approximately $812,246,000. Appaloosa LP boosted its holdings in PDD by 1.0% in the fourth quarter. Appaloosa LP now owns 5,356,132 shares of the company’s stock valued at $519,491,000 after acquiring an additional 55,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of PDD by 12.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after purchasing an additional 513,248 shares in the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Stock Performance

PDD stock opened at $104.21 on Friday. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The stock’s fifty day moving average price is $119.14 and its 200-day moving average price is $114.88. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company has a market cap of $143.38 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Citigroup reiterated a “neutral” rating on shares of PDD in a report on Thursday, March 20th. Benchmark reiterated a “buy” rating and issued a $160.00 price objective on shares of PDD in a report on Friday, March 21st. Nomura restated a “neutral” rating and set a $130.00 target price (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. JPMorgan Chase & Co. increased their price target on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group dropped their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.