BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $42.99 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

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

A number of other large investors have also recently bought and sold shares of PDD. TB Alternative Assets Ltd. grew its holdings in PDD by 33.7% in the 3rd 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. grew its stake in shares of PDD by 13.3% in the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after acquiring an additional 27,567 shares during the last quarter. Jupiter Asset Management Ltd. increased its position in PDD by 63.7% during the second quarter. Jupiter Asset Management Ltd. now owns 230,917 shares of the company’s stock worth $30,700,000 after acquiring an additional 89,853 shares during the period. BOCHK Asset Management Ltd raised its stake in PDD by 3,391.7% during the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock valued at $5,649,000 after purchasing an additional 40,700 shares during the last quarter. Finally, M&G PLC boosted its holdings in PDD by 14.2% in the 3rd quarter. M&G PLC now owns 247,417 shares of the company’s stock valued at $33,401,000 after purchasing an additional 30,817 shares during the period. 29.07% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PDD. Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $126.00 to $224.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. downgraded PDD from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Bank of America lowered their price objective on PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Dbs Bank downgraded 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 target price of $173.40.

PDD Stock Down 2.3 %

Shares of NASDAQ PDD opened at $96.56 on Friday. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The firm’s 50-day moving average is $123.25 and its 200-day moving average is $128.41. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $132.85 billion, a PE ratio of 9.43, a price-to-earnings-growth ratio of 0.28 and a beta of 0.71.

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.