Janney Montgomery Scott LLC Has $796,000 Position in PDD Holdings Inc. (NASDAQ:PDD)

Janney Montgomery Scott LLC lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 31.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 8,212 shares of the company’s stock after selling 3,714 shares during the quarter. Janney Montgomery Scott LLC’s holdings in PDD were worth $796,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Prime Capital Investment Advisors LLC increased its holdings in shares of PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after purchasing an additional 89 shares during the period. OneDigital Investment Advisors LLC increased its stake in 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 acquiring an additional 166 shares during the period. CWM LLC raised its holdings in PDD by 19.3% in the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock valued at $141,000 after acquiring an additional 169 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of PDD by 50.9% in the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after acquiring an additional 169 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in shares of PDD during the 3rd quarter worth approximately $27,000. Institutional investors own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

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

PDD Trading Up 2.3 %

Shares of PDD stock opened at $112.72 on Friday. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The stock has a market capitalization of $155.09 billion, a P/E ratio of 11.01, a price-to-earnings-growth ratio of 0.29 and a beta of 0.66. The company has a 50-day simple moving average of $102.27 and a 200 day simple moving average of $114.74. 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 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.