Thornburg Investment Management Inc. Has $6.10 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

Thornburg Investment Management Inc. lessened its position in PDD Holdings Inc. (NASDAQ:PDD) by 25.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 62,874 shares of the company’s stock after selling 21,241 shares during the period. Thornburg Investment Management Inc.’s holdings in PDD were worth $6,098,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in PDD. Norges Bank acquired a new position in PDD in the fourth quarter valued at about $812,246,000. Sanders Capital LLC acquired a new position in shares of PDD in the 4th quarter worth approximately $499,972,000. FMR LLC grew its position in PDD by 22.3% during the 4th quarter. FMR LLC now owns 25,603,183 shares of the company’s stock worth $2,483,253,000 after acquiring an additional 4,673,022 shares during the last quarter. FIL Ltd increased its holdings in PDD by 72.4% during the 4th quarter. FIL Ltd now owns 7,978,622 shares of the company’s stock valued at $773,847,000 after purchasing an additional 3,350,627 shares in the last quarter. Finally, Capital International Investors acquired a new stake in PDD during the 4th quarter valued at $246,823,000. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PDD shares. JPMorgan Chase & Co. boosted their price objective on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Citigroup raised shares of PDD from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $127.00 to $165.00 in a report on Monday, May 12th. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. Benchmark reiterated a “buy” rating and set a $160.00 target price on shares of PDD in a research report on Friday, March 21st. Finally, Jefferies Financial Group lowered their price target on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a report on Thursday, March 20th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.00.

PDD Stock Performance

Shares of PDD stock opened at $117.61 on Friday. The firm has a fifty day moving average of $109.83 and a two-hundred day moving average of $109.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The stock has a market capitalization of $163.73 billion, a price-to-earnings ratio of 11.49, a PEG ratio of 0.32 and a beta of 0.57. PDD Holdings Inc. has a 52 week low of $87.11 and a 52 week high of $164.69.

PDD 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.