Russell Investments Group Ltd. Has $88 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Russell Investments Group Ltd. cut its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 73.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 602,590 shares of the company’s stock after selling 1,663,724 shares during the period. Russell Investments Group Ltd.’s holdings in PDD were worth $87,995,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. SRS Capital Advisors Inc. lifted its position in PDD by 294.4% during the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock worth $27,000 after acquiring an additional 209 shares during the last quarter. Turim 21 Investimentos Ltda. acquired a new stake in PDD during the third quarter worth approximately $55,000. CWM LLC lifted its position in PDD by 22.7% during the third quarter. CWM LLC now owns 758 shares of the company’s stock worth $74,000 after acquiring an additional 140 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new position in shares of PDD during the fourth quarter worth approximately $144,000. Finally, Shen Neil Nanpeng bought a new position in shares of PDD during the third quarter worth approximately $175,000. 29.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PDD has been the topic of several recent research reports. The Goldman Sachs Group cut shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 target price on the stock. in a report on Monday, March 11th. JPMorgan Chase & Co. lowered their target price on shares of PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, March 21st. Benchmark raised their target price on shares of PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Barclays raised their target price on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Finally, Jefferies Financial Group lifted their price objective on shares of PDD from $157.00 to $161.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $146.85.

PDD Price Performance

NASDAQ:PDD traded up $3.52 during mid-day trading on Friday, reaching $129.31. The stock had a trading volume of 11,547,606 shares, compared to its average volume of 6,706,696. The stock has a 50-day simple moving average of $121.75 and a two-hundred day simple moving average of $126.67. The stock has a market capitalization of $170.64 billion, a PE ratio of 22.57, a P/E/G ratio of 0.33 and a beta of 0.67. PDD Holdings Inc. has a 12 month low of $59.67 and a 12 month high of $152.99. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.83.

PDD (NASDAQ:PDD) last posted its earnings results on Wednesday, March 20th. The company reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.81. The firm had revenue of $12.52 billion for the quarter, compared to analysts’ expectations of $11.80 billion. PDD had a net margin of 24.23% and a return on equity of 39.10%. On average, equities analysts anticipate that PDD Holdings Inc. will post 7.85 earnings per share for the current year.

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.