QRG Capital Management Inc. Sells 2,134 Shares of PDD Holdings Inc. (NASDAQ:PDD)

QRG Capital Management Inc. trimmed its position in PDD Holdings Inc. (NASDAQ:PDD) by 13.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,684 shares of the company’s stock after selling 2,134 shares during the period. QRG Capital Management Inc.’s holdings in PDD were worth $1,327,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Prospera Private Wealth LLC purchased a new stake in shares of PDD in the third quarter worth approximately $27,000. Venturi Wealth Management LLC bought a new stake in PDD during the third quarter worth $29,000. Nisa Investment Advisors LLC purchased a new stake in PDD in the 4th quarter valued at $39,000. Brooklyn Investment Group raised its position in PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its stake in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after acquiring an additional 498 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Down 1.0 %

PDD opened at $112.60 on Tuesday. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company has a market cap of $154.92 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 0.32 and a beta of 0.67. 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 company has a 50 day moving average of $109.10 and a 200 day moving average of $112.92.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PDD. JPMorgan Chase & Co. lowered shares of PDD from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Dbs Bank lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Benchmark dropped their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. Finally, Jefferies Financial Group reduced their target price on PDD from $181.00 to $171.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Three investment 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.40.

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.