Taikang Asset Management Hong Kong Co Ltd Sells 250,795 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Taikang Asset Management Hong Kong Co Ltd trimmed its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 61.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 160,246 shares of the company’s stock after selling 250,795 shares during the quarter. PDD accounts for approximately 2.3% of Taikang Asset Management Hong Kong Co Ltd’s portfolio, making the stock its 7th biggest position. Taikang Asset Management Hong Kong Co Ltd’s holdings in PDD were worth $15,542,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Baillie Gifford & Co. increased its holdings in PDD by 5.4% during the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. Vanguard Group Inc. boosted its holdings in shares of PDD by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after buying an additional 268,662 shares in the last quarter. FMR LLC boosted its stake in PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after acquiring an additional 1,654,764 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock worth $1,772,106,000 after purchasing an additional 12,253,589 shares during the last quarter. Finally, Appaloosa LP boosted its position in shares of PDD by 1.0% in the 4th quarter. Appaloosa LP now owns 5,356,132 shares of the company’s stock valued at $519,491,000 after purchasing an additional 55,000 shares during the period. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Benchmark reiterated a “buy” rating and set a $160.00 price target on shares of PDD in a research note on Friday. JPMorgan Chase & Co. upped their price target on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday. Nomura restated a “neutral” rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Jefferies Financial Group cut their target price on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, PDD currently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

PDD Stock Up 1.2 %

Shares of NASDAQ:PDD opened at $128.12 on Tuesday. The company has a fifty day simple moving average of $116.40 and a 200 day simple moving average of $113.63. The firm has a market cap of $176.28 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

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.