PDD Holdings Inc. (NASDAQ:PDD) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co trimmed its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 2.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 900,300 shares of the company’s stock after selling 25,360 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.07% of PDD worth $87,274,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in PDD. Nisa Investment Advisors LLC acquired a new stake in shares of PDD in the fourth quarter valued at approximately $39,000. Brooklyn Investment Group raised its stake in PDD by 340.3% during 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 in the last quarter. Global Retirement Partners LLC boosted its position in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after acquiring an additional 498 shares during the period. Farther Finance Advisors LLC grew its stake in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after purchasing an additional 132 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after purchasing an additional 249 shares during the period. Institutional investors own 39.83% of the company’s stock.

Wall Street Analyst Weigh In

PDD has been the subject of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $160.00 target price on shares of PDD in a research report on Friday, March 21st. JPMorgan Chase & Co. raised their price objective on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Citigroup restated a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Nomura Securities downgraded PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Finally, Jefferies Financial Group lowered their target price on PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Trading Up 1.5 %

NASDAQ PDD opened at $93.69 on Friday. The firm’s 50 day moving average price is $115.04 and its two-hundred day moving average price is $113.42. The stock has a market cap of $128.91 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a twelve month low of $87.11 and a twelve month high of $164.69. 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 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.