Connor Clark & Lunn Investment Management Ltd. Has $24.51 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 61.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 252,743 shares of the company’s stock after selling 401,153 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PDD were worth $24,514,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC acquired a new position in PDD during the 3rd quarter valued at about $27,000. Venturi Wealth Management LLC acquired a new stake in shares of PDD in the 3rd quarter valued at approximately $29,000. Nisa Investment Advisors LLC acquired a new stake in shares of PDD in the 4th quarter valued at approximately $39,000. Brooklyn Investment Group raised its position in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares during the period. Finally, Global Retirement Partners LLC raised its position in shares of PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

PDD Stock Performance

NASDAQ:PDD opened at $117.86 on Thursday. The stock has a market cap of $162.16 billion, a P/E ratio of 11.51, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The stock’s 50-day moving average is $111.92 and its 200-day moving average is $111.76. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69.

Wall Street Analyst Weigh In

PDD has been the topic of a number of analyst reports. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Jefferies Financial Group cut their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. JPMorgan Chase & Co. cut PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Benchmark lowered their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, PDD currently has an average rating of “Moderate Buy” and an average price target of $173.40.

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.