Wellington Management Group LLP Reduces Position in PDD Holdings Inc. (NASDAQ:PDD)

Wellington Management Group LLP decreased its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 11.2% in the fourth quarter, Holdings Channel reports. The fund owned 788,510 shares of the company’s stock after selling 99,928 shares during the period. Wellington Management Group LLP’s holdings in PDD were worth $76,478,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp increased its holdings in shares of PDD by 8.7% in the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock valued at $118,000 after purchasing an additional 97 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after acquiring an additional 132 shares during the last quarter. New York Life Investment Management LLC increased its stake in shares of PDD by 5.8% in the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after acquiring an additional 139 shares during the last quarter. Cibc World Markets Corp raised its holdings in shares of PDD by 1.1% during the 4th quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock worth $1,435,000 after acquiring an additional 164 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of PDD by 43.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after acquiring an additional 249 shares during the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PDD has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $160.00 target price on shares of PDD in a research note on Friday, March 21st. JPMorgan Chase & Co. upped their price objective on PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Nomura reissued a “neutral” rating and set a $130.00 target price (down previously from $137.00) on shares of PDD in a research note on Thursday, March 20th. Nomura Securities lowered PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Finally, Citigroup reissued a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $169.91.

PDD Stock Down 8.3 %

Shares of NASDAQ:PDD opened at $104.21 on Friday. The firm’s 50-day moving average is $119.14 and its two-hundred day moving average 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. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The firm has a market capitalization of $143.38 billion, a PE ratio of 10.18, a price-to-earnings-growth ratio of 0.32 and a beta of 0.73.

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.