Genesis Investment Management LLP Sells 703,159 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Genesis Investment Management LLP lowered its stake in PDD Holdings Inc. (NASDAQ:PDD) by 79.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 184,792 shares of the company’s stock after selling 703,159 shares during the period. PDD accounts for 19.7% of Genesis Investment Management LLP’s portfolio, making the stock its largest position. Genesis Investment Management LLP’s holdings in PDD were worth $17,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the stock. Gordian Capital Singapore Pte Ltd raised its holdings in PDD by 1,218.9% during the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after purchasing an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of PDD by 63.9% during the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after buying an additional 14,905 shares during the last quarter. TB Alternative Assets Ltd. lifted its holdings in PDD by 33.7% in the third 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 period. Vontobel Holding Ltd. boosted its stake in PDD by 13.3% in the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock valued at $31,589,000 after acquiring an additional 27,567 shares during the last quarter. Finally, BOCHK Asset Management Ltd grew its holdings in PDD by 3,391.7% during the 3rd quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after acquiring an additional 40,700 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $105.57 on Tuesday. The stock has a market cap of $145.25 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 0.27 and a beta of 0.66. The stock has a 50-day moving average price of $102.37 and a two-hundred day moving average price of $117.08. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Ratings Changes

A number of research firms have recently weighed in on PDD. Dbs Bank downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and cut their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark reduced their target price on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Jefferies Financial Group lowered their price target on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, Macquarie raised shares of PDD from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

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.