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

Franklin Resources Inc. trimmed its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 33.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 592,348 shares of the company’s stock after selling 292,604 shares during the period. Franklin Resources Inc.’s holdings in PDD were worth $80,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Prime Capital Investment Advisors LLC lifted its holdings in shares of PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after purchasing an additional 89 shares during the last quarter. Ballentine Partners LLC boosted its stake in PDD by 4.6% during the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company’s stock worth $359,000 after purchasing an additional 120 shares during the period. Parallel Advisors LLC grew its position in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company’s stock worth $324,000 after purchasing an additional 122 shares during the last quarter. Legacy Capital Group California Inc. raised its holdings in shares of PDD by 6.8% in the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company’s stock valued at $277,000 after buying an additional 133 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after buying an additional 166 shares during the period. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Price Performance

PDD stock opened at $99.61 on Tuesday. The stock has a market capitalization of $137.05 billion, a price-to-earnings ratio of 9.73, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock’s fifty day simple moving average is $115.88 and its 200-day simple moving average is $124.50.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PDD shares. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Sanford C. Bernstein lowered their target price on shares of PDD from $235.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 27th. Finally, Barclays lowered their price target on PDD from $224.00 to $158.00 and set an “overweight” rating on the stock in a report on Tuesday, August 27th. Three investment 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

About PDD

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.