PDD Holdings Inc. (NASDAQ:PDD) Position Cut by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 22.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 672,654 shares of the company’s stock after selling 195,841 shares during the quarter. Principal Financial Group Inc.’s holdings in PDD were worth $90,680,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Baillie Gifford & Co. increased its position in PDD by 2.8% in the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company’s stock valued at $4,868,859,000 after acquiring an additional 988,042 shares during the period. FMR LLC increased its holdings in shares of PDD by 8.6% during the third quarter. FMR LLC now owns 20,930,161 shares of the company’s stock valued at $2,821,595,000 after purchasing an additional 1,654,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company’s stock valued at $1,772,106,000 after purchasing an additional 12,253,589 shares during the period. Tairen Capital Ltd raised its stake in shares of PDD by 49.8% during the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock valued at $715,055,000 after purchasing an additional 1,788,076 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in PDD by 13.0% in the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company’s stock worth $708,944,000 after purchasing an additional 612,119 shares during the period. Institutional investors own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PDD. Bank of America dropped their price target on shares of PDD from $206.00 to $170.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark dropped their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Daiwa America raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $170.00 to $105.00 in a research report on Friday, November 22nd. Three 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.40.

PDD Trading Down 1.5 %

Shares of PDD opened at $99.51 on Friday. The business’s 50-day moving average price is $112.52 and its 200 day moving average price is $123.52. 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 has a market capitalization of $136.91 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.29 and a beta of 0.66. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69.

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.