Northwest & Ethical Investments L.P. Lowers Stake in PDD Holdings Inc. (NASDAQ:PDD)

Northwest & Ethical Investments L.P. lessened its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 46.2% in the third quarter, Holdings Channel.com reports. The fund owned 15,885 shares of the company’s stock after selling 13,654 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in PDD were worth $2,141,000 at the end of the most recent quarter.

A number of 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 third quarter worth about $27,000. Venturi Wealth Management LLC acquired a new position in shares of PDD during the third quarter worth about $29,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of PDD during the second quarter worth about $32,000. Richardson Financial Services Inc. lifted its stake in shares of PDD by 3,883.3% during the second quarter. Richardson Financial Services Inc. now owns 239 shares of the company’s stock worth $32,000 after purchasing an additional 233 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of PDD during the third quarter worth about $34,000. Hedge funds and other institutional investors own 29.07% of the company’s stock.

PDD Trading Down 2.3 %

Shares of NASDAQ PDD opened at $96.56 on Friday. The stock’s 50 day moving average price is $123.25 and its two-hundred day moving average price is $128.41. PDD Holdings Inc. has a 52-week low of $88.01 and a 52-week high of $164.69. The stock has a market capitalization of $132.85 billion, a P/E ratio of 9.43, a PEG ratio of 0.28 and a beta of 0.71. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Upgrades and Downgrades

PDD has been the topic of a number of recent research reports. Macquarie upgraded PDD from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Citigroup cut PDD from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $194.00 to $120.00 in a research note on Tuesday, August 27th. Daiwa America upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 22nd. Finally, Nomura Securities upgraded PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, PDD currently has an average rating of “Moderate Buy” and a consensus price target of $173.40.

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.