Handelsbanken Fonder AB Reduces Stock Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Handelsbanken Fonder AB lessened its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 16.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 312,518 shares of the company’s stock after selling 60,698 shares during the quarter. Handelsbanken Fonder AB’s holdings in PDD were worth $36,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Renaissance Technologies LLC lifted its holdings in PDD by 56.3% in the 4th quarter. Renaissance Technologies LLC now owns 947,500 shares of the company’s stock valued at $91,898,000 after purchasing an additional 341,300 shares in the last quarter. Baillie Gifford & Co. lifted its stake in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after buying an additional 1,942,891 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in PDD during the fourth quarter worth approximately $4,685,000. Alberta Investment Management Corp grew its stake in PDD by 12.6% in the 4th quarter. Alberta Investment Management Corp now owns 190,060 shares of the company’s stock worth $18,434,000 after acquiring an additional 21,302 shares during the period. Finally, Myriad Asset Management US LP acquired a new stake in shares of PDD during the first quarter worth $4,496,000. 39.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on PDD shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $112.00 price target on shares of PDD in a research note on Wednesday, May 28th. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. China Renaissance reissued a “hold” rating and set a $107.00 price objective on shares of PDD in a research note on Wednesday, May 28th. JPMorgan Chase & Co. dropped their price objective on PDD from $125.00 to $105.00 and set a “neutral” rating for the company in a report on Wednesday, May 28th. Finally, Barclays cut PDD from a “strong-buy” rating to a “hold” rating in a report on Sunday, June 1st. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.55.

PDD Stock Performance

Shares of NASDAQ:PDD opened at $102.39 on Wednesday. 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 Holdings Inc. has a one year low of $87.11 and a one year high of $155.67. The business’s 50-day simple moving average is $104.08 and its 200 day simple moving average is $108.18. The company has a market cap of $142.54 billion, a P/E ratio of 10.00, a PEG ratio of 0.32 and a beta of 0.42.

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.