Veritas Asset Management LLP Sells 1,924 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Veritas Asset Management LLP lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 7.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,791 shares of the company’s stock after selling 1,924 shares during the period. PDD accounts for 0.0% of Veritas Asset Management LLP’s holdings, making the stock its 29th biggest position. Veritas Asset Management LLP’s holdings in PDD were worth $2,307,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PDD. Prospera Private Wealth LLC bought a new stake in PDD in the 3rd quarter valued at $27,000. Venturi Wealth Management LLC bought a new stake in PDD in the 3rd quarter valued at $29,000. Nisa Investment Advisors LLC bought a new stake in PDD in the 4th quarter valued at $39,000. Brooklyn Investment Group raised its stake 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 acquiring an additional 405 shares during the period. Finally, Global Retirement Partners LLC raised its stake in PDD by 939.6% in 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 during the period. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

Shares of PDD stock opened at $119.77 on Tuesday. 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 twelve month low of $88.01 and a twelve month high of $164.69. The company has a market cap of $164.79 billion, a P/E ratio of 11.70, a P/E/G ratio of 0.32 and a beta of 0.66. The business has a fifty day simple moving average of $107.52 and a 200 day simple moving average of $113.81.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PDD. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Jefferies Financial Group decreased their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Benchmark decreased their price objective on 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 lowered PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $173.40.

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.