Whale Rock Capital Management LLC Cuts Stake in PDD Holdings Inc. (NASDAQ:PDD)

Whale Rock Capital Management LLC lessened its stake in PDD Holdings Inc. (NASDAQ:PDD) by 10.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,370,266 shares of the company’s stock after selling 157,057 shares during the quarter. PDD makes up about 1.6% of Whale Rock Capital Management LLC’s investment portfolio, making the stock its 27th largest position. Whale Rock Capital Management LLC’s holdings in PDD were worth $132,902,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nisa Investment Advisors LLC bought a new stake in PDD in the 4th quarter valued at $39,000. Brooklyn Investment Group grew its position in shares of PDD by 340.3% during the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after purchasing an additional 405 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of PDD by 939.6% in the fourth quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after purchasing an additional 498 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock worth $54,000 after buying an additional 132 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake 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 buying an additional 249 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Price Performance

PDD stock opened at $118.45 on Tuesday. PDD Holdings Inc. has a 12-month low of $87.11 and a 12-month high of $164.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a 50-day moving average price of $109.84 and a 200-day moving average price of $109.27. The firm has a market capitalization of $164.90 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 0.32 and a beta of 0.57.

Analysts Set New Price Targets

Several research firms have weighed in on PDD. Nomura restated a “neutral” rating and set a $130.00 price target (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. upped their price target on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Citigroup raised shares of PDD from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $127.00 to $165.00 in a research note on Monday, May 12th. Finally, Jefferies Financial Group reduced 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. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, PDD presently has a consensus rating of “Moderate Buy” and an average price target of $174.00.

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.