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

Veritas Asset Management LLP trimmed its position in PDD Holdings Inc. (NASDAQ:PDD) by 7.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,791 shares of the company’s stock after selling 1,924 shares during the quarter. PDD makes up 0.0% of Veritas Asset Management LLP’s portfolio, making the stock its 29th biggest position. Veritas Asset Management LLP’s holdings in PDD were worth $2,307,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PDD. Prospera Private Wealth LLC acquired a new position in shares of PDD during the 3rd quarter worth about $27,000. Venturi Wealth Management LLC acquired a new position in shares of PDD during the 3rd quarter worth about $29,000. Nisa Investment Advisors LLC acquired a new position in shares of PDD during the 4th quarter worth about $39,000. Brooklyn Investment Group grew its position in shares of PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after buying an additional 405 shares during the period. Finally, Global Retirement Partners LLC grew its position in shares of PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after buying an additional 498 shares during the period. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PDD shares. Benchmark decreased their target price on PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research 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 for the company in a research report on Thursday, November 21st. 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 research report on Friday, November 22nd. Finally, Dbs Bank lowered PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 22nd. Three equities research 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $173.40.

PDD Trading Down 8.8 %

NASDAQ PDD opened at $119.77 on Tuesday. The stock has a market capitalization of $164.79 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 0.32 and a beta of 0.66. The stock’s 50 day moving average price is $107.52 and its two-hundred day moving average price is $113.81. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

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.