Coronation Fund Managers Ltd. Sells 388,521 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Coronation Fund Managers Ltd. trimmed its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 42.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 523,963 shares of the company’s stock after selling 388,521 shares during the period. PDD makes up about 3.0% of Coronation Fund Managers Ltd.’s holdings, making the stock its 12th biggest holding. Coronation Fund Managers Ltd.’s holdings in PDD were worth $50,819,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Prospera Private Wealth LLC bought a new position in shares of PDD during the third quarter valued at $27,000. Venturi Wealth Management LLC bought a new position in PDD during the 3rd quarter valued at about $29,000. Nisa Investment Advisors LLC purchased a new stake in shares of PDD during the 4th quarter valued at about $39,000. Brooklyn Investment Group boosted its holdings in shares of 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 during the last quarter. Finally, Carolina Wealth Advisors LLC bought a new stake in shares of PDD in the third quarter worth approximately $66,000. 39.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PDD has been the topic of a number of research analyst reports. Jefferies Financial Group lowered their price objective 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 price target for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a report on Friday, November 22nd. Finally, Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Stock Performance

Shares of PDD opened at $114.27 on Monday. The business has a 50-day simple moving average of $102.90 and a two-hundred day simple moving average of $114.46. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. The stock has a market cap of $157.22 billion, a price-to-earnings ratio of 11.16, a PEG ratio of 0.29 and a beta of 0.67.

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.