E Fund Management Co. Ltd. Decreases Position in PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Co. Ltd. decreased its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 1.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 4,581,940 shares of the company’s stock after selling 72,503 shares during the quarter. PDD makes up approximately 42.5% of E Fund Management Co. Ltd.’s investment portfolio, making the stock its biggest position. E Fund Management Co. Ltd.’s holdings in PDD were worth $670,384,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SC US Ttgp LTD. lifted its holdings in PDD by 1,414.4% during the third quarter. SC US Ttgp LTD. now owns 48,233,322 shares of the company’s stock worth $4,730,242,000 after acquiring an additional 45,048,300 shares in the last quarter. Vanguard Group Inc. lifted its stake in PDD by 38.0% in the third quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock valued at $2,363,645,000 after buying an additional 6,637,418 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of PDD by 14.4% during the third quarter. Baillie Gifford & Co. now owns 35,668,170 shares of the company’s stock worth $3,497,977,000 after acquiring an additional 4,501,126 shares in the last quarter. FMR LLC raised its holdings in shares of PDD by 32.6% during the third quarter. FMR LLC now owns 17,635,104 shares of the company’s stock worth $1,729,475,000 after acquiring an additional 4,334,186 shares during the period. Finally, Ninety One UK Ltd bought a new position in PDD during the 4th quarter worth about $235,666,000. 29.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PDD has been the topic of a number of recent research reports. Jefferies Financial Group lifted their price objective on shares of PDD from $157.00 to $161.00 and gave the company a “buy” rating in a report on Thursday, March 21st. The Goldman Sachs Group downgraded shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 price objective for the company. in a research note on Monday, March 11th. Citigroup upped their target price on PDD from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Barclays raised their price target on PDD from $164.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. cut their price objective on PDD from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $146.85.

PDD Price Performance

Shares of PDD traded down $2.78 during trading hours on Thursday, hitting $136.38. 5,549,183 shares of the company were exchanged, compared to its average volume of 8,449,984. The company has a market cap of $179.97 billion, a price-to-earnings ratio of 23.82, a P/E/G ratio of 0.36 and a beta of 0.67. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.03. PDD Holdings Inc. has a fifty-two week low of $59.67 and a fifty-two week high of $152.99. The firm’s fifty day moving average is $122.15 and its 200 day moving average is $128.17.

PDD (NASDAQ:PDD) last posted its quarterly earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.81. PDD had a net margin of 24.23% and a return on equity of 39.10%. The business had revenue of $12.52 billion for the quarter, compared to analyst estimates of $11.80 billion. On average, equities analysts anticipate that PDD Holdings Inc. will post 7.85 earnings per share for the current fiscal year.

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.