E Fund Management Hong Kong Co. Ltd. Has $39.29 Million Holdings in PDD Holdings Inc. (NASDAQ:PDD)

E Fund Management Hong Kong Co. Ltd. cut its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 405,076 shares of the company’s stock after selling 107,488 shares during the quarter. PDD makes up about 31.3% of E Fund Management Hong Kong Co. Ltd.’s investment portfolio, making the stock its biggest position. E Fund Management Hong Kong Co. Ltd.’s holdings in PDD were worth $39,288,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC increased its holdings in PDD by 5.2% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock valued at $244,000 after acquiring an additional 89 shares during the last quarter. OneDigital Investment Advisors LLC grew its position in shares of PDD by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock valued at $354,000 after purchasing an additional 166 shares in the last quarter. CWM LLC grew its position in shares of PDD by 19.3% during the third quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after purchasing an additional 169 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of PDD by 50.9% in the third quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after buying an additional 169 shares in the last quarter. Finally, Prospera Private Wealth LLC bought a new position in PDD during the third quarter valued at approximately $27,000. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

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

PDD Stock Up 7.0 %

Shares of NASDAQ:PDD opened at $111.34 on Monday. The firm has a market capitalization of $153.19 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 0.27 and a beta of 0.66. The business has a 50 day simple moving average of $101.52 and a two-hundred day simple moving average of $116.13. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick 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.