Jennison Associates LLC Sells 5,909 Shares of PDD Holdings Inc. (NASDAQ:PDD)

Jennison Associates LLC cut its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 3.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 180,803 shares of the company’s stock after selling 5,909 shares during the period. Jennison Associates LLC’s holdings in PDD were worth $26,453,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PDD. SRS Capital Advisors Inc. lifted its stake in PDD by 294.4% in the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock worth $27,000 after purchasing an additional 209 shares during the last quarter. Turim 21 Investimentos Ltda. bought a new stake in PDD in the third quarter worth $55,000. CWM LLC lifted its stake in PDD by 22.7% in the third quarter. CWM LLC now owns 758 shares of the company’s stock worth $74,000 after purchasing an additional 140 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new position in shares of PDD in the fourth quarter valued at about $144,000. Finally, Shen Neil Nanpeng purchased a new position in shares of PDD in the third quarter valued at about $175,000. 29.07% of the stock is owned by institutional investors.

PDD Stock Down 0.4 %

Shares of PDD stock opened at $127.55 on Thursday. The company has a market cap of $168.31 billion, a price-to-earnings ratio of 22.26, a price-to-earnings-growth ratio of 0.33 and a beta of 0.67. The company’s 50 day moving average is $122.06 and its 200 day moving average is $126.40. PDD Holdings Inc. has a twelve month low of $59.67 and a twelve month high of $152.99. The company has a quick ratio of 1.83, a current ratio of 1.93 and a debt-to-equity ratio of 0.03.

PDD (NASDAQ:PDD) last issued its quarterly earnings data on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.81. The company had revenue of $12.52 billion for the quarter, compared to the consensus estimate of $11.80 billion. PDD had a net margin of 24.23% and a return on equity of 39.10%. Research analysts anticipate that PDD Holdings Inc. will post 7.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PDD shares. The Goldman Sachs Group cut shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 price objective on the stock. in a research report on Monday, March 11th. JPMorgan Chase & Co. decreased their price objective on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a research report on Thursday, March 21st. Jefferies Financial Group boosted their price objective on shares of PDD from $157.00 to $161.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Benchmark boosted their price objective on shares of PDD from $215.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Finally, Citigroup boosted their price objective on shares of PDD from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, PDD currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.85.

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.