Coronation Fund Managers Ltd. Reduces Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Coronation Fund Managers Ltd. reduced its stake in PDD Holdings Inc. (NASDAQ:PDD) by 42.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 523,963 shares of the company’s stock after selling 388,521 shares during the period. PDD comprises 3.0% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 12th largest position. Coronation Fund Managers Ltd.’s holdings in PDD were worth $50,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd increased its stake in shares of PDD by 1,218.9% in the third quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after buying an additional 6,460 shares during the period. Lord Abbett & CO. LLC increased its position in shares of PDD by 63.9% in the third quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock valued at $5,155,000 after acquiring an additional 14,905 shares during the period. TB Alternative Assets Ltd. raised its stake in shares of PDD by 33.7% during the third quarter. TB Alternative Assets Ltd. now owns 173,148 shares of the company’s stock valued at $23,342,000 after acquiring an additional 43,648 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of PDD by 13.3% during the third quarter. Vontobel Holding Ltd. now owns 234,325 shares of the company’s stock worth $31,589,000 after purchasing an additional 27,567 shares during the period. Finally, BOCHK Asset Management Ltd boosted its holdings in shares of PDD by 3,391.7% during the third quarter. BOCHK Asset Management Ltd now owns 41,900 shares of the company’s stock worth $5,649,000 after purchasing an additional 40,700 shares during the period. Institutional investors own 39.83% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PDD. Benchmark lowered their price target on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $170.00 to $105.00 in a research note on Friday, November 22nd. Jefferies Financial Group dropped 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, Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Stock Performance

Shares of PDD stock opened at $114.27 on Monday. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $102.90 and its 200-day moving average price is $114.46. The stock has a market cap of $157.22 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 0.29 and a beta of 0.67. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69.

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.