Fifth Third Bancorp Trims Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

Fifth Third Bancorp lowered its position in shares of PDD Holdings Inc. (NASDAQ:PDD) by 20.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,493 shares of the company’s stock after selling 914 shares during the period. Fifth Third Bancorp’s holdings in PDD were worth $339,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Prospera Private Wealth LLC purchased a new stake in PDD during the third quarter valued at approximately $27,000. Venturi Wealth Management LLC bought a new stake in PDD during the third quarter worth approximately $29,000. Future Financial Wealth Managment LLC bought a new position in PDD during the third quarter valued at $34,000. Nisa Investment Advisors LLC purchased a new position in shares of PDD during the fourth quarter valued at approximately $39,000. Finally, Brooklyn Investment Group increased its stake in PDD by 340.3% in the fourth quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock worth $51,000 after purchasing an additional 405 shares during the period. Institutional investors own 39.83% of the company’s stock.

PDD Trading Down 3.0 %

Shares of PDD stock opened at $111.91 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $153.97 billion, a PE ratio of 10.93, a P/E/G ratio of 0.29 and a beta of 0.66. The business’s fifty day moving average is $101.42 and its two-hundred day moving average is $115.54. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

Wall Street Analysts Forecast Growth

PDD has been the subject of several research reports. Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. JPMorgan Chase & Co. cut shares of PDD from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Macquarie raised PDD from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $126.00 to $224.00 in a report on Monday, October 7th. Jefferies Financial Group dropped their target price on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Benchmark decreased their price objective on shares of PDD from $185.00 to $160.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.