Cigna Investments Inc. New Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Cigna Investments Inc. New reduced its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,814 shares of the company’s stock after selling 585 shares during the quarter. Cigna Investments Inc. New’s holdings in PDD were worth $1,243,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PDD. Prospera Private Wealth LLC bought a new stake in shares of PDD during the 3rd quarter valued at $27,000. Venturi Wealth Management LLC bought a new stake in shares of PDD during the 3rd quarter valued at $29,000. Nisa Investment Advisors LLC bought a new stake in shares of PDD during the 4th quarter valued at $39,000. Carolina Wealth Advisors LLC bought a new stake in shares of PDD during the 3rd quarter valued at $66,000. Finally, Avior Wealth Management LLC boosted its stake in PDD by 50.9% in the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after purchasing an additional 169 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PDD shares. Benchmark dropped their price target on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group dropped their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Finally, Dbs Bank cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, PDD has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Price Performance

NASDAQ PDD opened at $116.34 on Tuesday. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The firm has a market capitalization of $160.07 billion, a P/E ratio of 11.36, a PEG ratio of 0.29 and a beta of 0.67. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a 50-day moving average price of $102.90 and a 200-day moving average price of $114.34.

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.