Chiron Investment Management LLC Has $790,000 Stake in PDD Holdings Inc. (NASDAQ:PDD)

Chiron Investment Management LLC lessened its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 87.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,858 shares of the company’s stock after selling 40,724 shares during the period. Chiron Investment Management LLC’s holdings in PDD were worth $790,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PDD. TT International Asset Management LTD bought a new position in PDD in the third quarter valued at approximately $74,430,000. Geode Capital Management LLC boosted its position in PDD by 12.3% in the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after buying an additional 513,248 shares in the last quarter. Sylebra Capital LLC grew its stake in shares of PDD by 207.7% during the third quarter. Sylebra Capital LLC now owns 492,166 shares of the company’s stock worth $66,349,000 after buying an additional 332,211 shares during the last quarter. ABS Direct Equity Fund LLC increased its holdings in shares of PDD by 24.2% during the third quarter. ABS Direct Equity Fund LLC now owns 60,100 shares of the company’s stock worth $8,102,000 after buying an additional 11,694 shares in the last quarter. Finally, M&T Bank Corp bought a new position in shares of PDD in the 3rd quarter valued at $2,134,000. 39.83% of the stock is owned by institutional investors.

PDD Stock Down 5.3 %

Shares of NASDAQ:PDD opened at $104.49 on Wednesday. The business’s 50-day moving average is $120.76 and its 200-day moving average is $126.29. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69. The company has a market capitalization of $143.76 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 0.29 and a beta of 0.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PDD shares. Nomura Securities raised PDD to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America lowered their price objective on PDD from $206.00 to $170.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Benchmark cut their target price on shares of PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Finally, Macquarie raised shares of 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. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $173.40.

PDD Company Profile

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.