E Fund Management Hong Kong Co. Ltd. Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Hong Kong Co. Ltd. decreased its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 405,076 shares of the company’s stock after selling 107,488 shares during the period. PDD accounts for 31.3% of E Fund Management Hong Kong Co. Ltd.’s portfolio, making the stock its largest position. E Fund Management Hong Kong Co. Ltd.’s holdings in PDD were worth $39,288,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Gordian Capital Singapore Pte Ltd grew its position in PDD by 1,218.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock valued at $942,000 after purchasing an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after buying an additional 14,905 shares during the last quarter. TB Alternative Assets Ltd. grew its holdings in shares of PDD by 33.7% during the third 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 during the last quarter. Vontobel Holding Ltd. increased its position in shares of 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 acquiring an additional 27,567 shares in the last quarter. Finally, BOCHK Asset Management Ltd lifted its position in PDD by 3,391.7% in the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after acquiring an additional 40,700 shares in the last quarter. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on PDD shares. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and raised their price target for the company from $126.00 to $224.00 in a report on Monday, October 7th. Benchmark decreased their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Finally, Jefferies Financial Group dropped their target price on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, PDD presently has a consensus rating of “Moderate Buy” and an average target price of $173.40.

PDD Price Performance

NASDAQ PDD opened at $111.34 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The business’s fifty day moving average is $101.52 and its 200 day moving average is $116.13. The company has a market capitalization of $153.19 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 0.27 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.

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.