Korea Investment CORP Sells 10,700 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Korea Investment CORP lessened its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 530,787 shares of the company’s stock after selling 10,700 shares during the quarter. Korea Investment CORP’s holdings in PDD were worth $51,481,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC bought a new stake in PDD in the fourth quarter valued at about $39,000. Brooklyn Investment Group increased its stake in shares of 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 last quarter. Global Retirement Partners LLC raised its position in shares of 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. Farther Finance Advisors LLC boosted its stake in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after acquiring an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in PDD by 43.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company’s stock valued at $80,000 after purchasing an additional 249 shares during the period. Institutional investors and hedge funds own 39.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Jefferies Financial Group cut their target price on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Benchmark reiterated a “buy” rating and set a $160.00 target price on shares of PDD in a report on Friday, March 21st. Nomura Securities lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. increased their target price on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Finally, Nomura reissued a “neutral” rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a research report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $169.91.

PDD Trading Up 1.5 %

Shares of NASDAQ:PDD opened at $124.36 on Friday. The company’s 50-day moving average price is $117.86 and its two-hundred day moving average price is $113.99. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. 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 stock has a market capitalization of $171.10 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

About PDD

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.