PDD Holdings Inc. (NASDAQ:PDD) Holdings Decreased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in PDD Holdings Inc. (NASDAQ:PDD) by 13.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 318,900 shares of the company’s stock after selling 48,900 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in PDD were worth $42,991,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after acquiring an additional 12,253,589 shares during the last quarter. Acadian Asset Management LLC lifted its stake in PDD by 107.8% during the second quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock valued at $487,984,000 after purchasing an additional 1,904,155 shares during the last quarter. Tairen Capital Ltd boosted its holdings in PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after buying an additional 1,788,076 shares in the last quarter. FMR LLC grew its position in PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after buying an additional 1,654,764 shares during the last quarter. Finally, Dragoneer Investment Group LLC grew its position in PDD by 142.6% in the second quarter. Dragoneer Investment Group LLC now owns 2,620,838 shares of the company’s stock worth $348,440,000 after buying an additional 1,540,346 shares during the last quarter. 29.07% of the stock is currently owned by institutional investors.

PDD Stock Performance

Shares of PDD opened at $96.56 on Friday. The company has a market capitalization of $132.85 billion, a PE ratio of 9.43, a PEG ratio of 0.28 and a beta of 0.71. 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 company’s 50 day moving average price is $123.25 and its 200 day moving average price is $128.41. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

Analyst Upgrades and Downgrades

PDD has been the subject of several research reports. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Jefferies Financial Group decreased their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Nomura Securities upgraded PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Barclays decreased their target price on shares of PDD from $224.00 to $158.00 and set an “overweight” rating for the company in a report on Tuesday, August 27th. Finally, Daiwa America raised shares of PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, PDD currently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

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.