Saba Capital Management L.P. Sells 3,000 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Saba Capital Management L.P. lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 10.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,000 shares of the company’s stock after selling 3,000 shares during the period. Saba Capital Management L.P.’s holdings in PDD were worth $2,425,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PDD. Nisa Investment Advisors LLC acquired a new stake in PDD during the 4th quarter worth about $39,000. Brooklyn Investment Group lifted its stake in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after purchasing an additional 405 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after buying an additional 498 shares during the period. Farther Finance Advisors LLC increased its holdings in PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after purchasing an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after acquiring an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

PDD has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $160.00 target price on shares of PDD in a report on Friday, March 21st. Nomura reiterated a “neutral” rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Jefferies Financial Group lowered their target price on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Finally, Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.00.

PDD Stock Down 0.2%

Shares of NASDAQ PDD opened at $117.61 on Friday. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $164.69. The firm’s 50 day moving average price is $109.83 and its 200 day moving average price is $109.45. The firm has a market cap of $161.82 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15.

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.