Rhumbline Advisers Sells 11,871 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Rhumbline Advisers cut its position in PDD Holdings Inc. (NASDAQ:PDD) by 12.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,262 shares of the company’s stock after selling 11,871 shares during the quarter. Rhumbline Advisers’ holdings in PDD were worth $10,327,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC increased 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 purchasing an additional 498 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after purchasing an additional 132 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock worth $80,000 after acquiring an additional 249 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in PDD by 8.7% during the fourth quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after acquiring an additional 97 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in PDD during the fourth quarter worth $126,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on PDD. Jefferies Financial Group set a $121.00 price objective on shares of PDD and gave the company a “buy” rating in a research note on Tuesday, May 27th. Barclays downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Sunday, June 1st. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $112.00 target price on shares of PDD in a research note on Wednesday, May 28th. Finally, Benchmark reduced their target price on shares of PDD from $160.00 to $128.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, PDD currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.55.

PDD Trading Up 1.0%

Shares of PDD stock opened at $101.62 on Tuesday. PDD Holdings Inc. has a 1 year low of $87.11 and a 1 year high of $155.67. The firm has a market cap of $141.47 billion, a PE ratio of 9.92, a PEG ratio of 0.32 and a beta of 0.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. The company has a 50 day simple moving average of $104.30 and a two-hundred day simple moving average of $108.22.

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.