State of New Jersey Common Pension Fund D Has $5.93 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

State of New Jersey Common Pension Fund D lowered its stake in PDD Holdings Inc. (NASDAQ:PDD) by 72.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,513 shares of the company’s stock after selling 104,345 shares during the period. State of New Jersey Common Pension Fund D’s holdings in PDD were worth $5,927,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Triasima Portfolio Management inc. bought a new stake in PDD during the 4th quarter worth about $1,813,000. Parametrica Management Ltd lifted its holdings in shares of PDD by 67.6% during the 3rd quarter. Parametrica Management Ltd now owns 41,400 shares of the company’s stock worth $4,060,000 after acquiring an additional 16,700 shares during the period. Vanguard Group Inc. lifted its stake in PDD by 38.0% in the 3rd quarter. Vanguard Group Inc. now owns 24,101,615 shares of the company’s stock valued at $2,363,645,000 after purchasing an additional 6,637,418 shares during the last quarter. International Assets Investment Management LLC bought a new position in PDD in the 4th quarter valued at approximately $13,379,000. Finally, Nordea Investment Management AB raised its stake in shares of PDD by 7.2% during the fourth quarter. Nordea Investment Management AB now owns 297,090 shares of the company’s stock valued at $43,334,000 after acquiring an additional 20,045 shares during the last quarter. Institutional investors and hedge funds own 29.07% of the company’s stock.

PDD Trading Up 2.8 %

Shares of NASDAQ:PDD traded up $3.52 during midday trading on Friday, reaching $129.31. 11,542,974 shares of the company’s stock were exchanged, compared to its average volume of 8,446,373. The firm’s 50 day simple moving average is $121.86 and its two-hundred day simple moving average is $126.40. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.93 and a quick ratio of 1.83. The stock has a market cap of $170.64 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 0.33 and a beta of 0.67. PDD Holdings Inc. has a fifty-two week low of $59.67 and a fifty-two week high of $152.99.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Barclays boosted their target price on shares of PDD from $164.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. decreased 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 increased their price target on shares of PDD from $215.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Jefferies Financial Group increased their price target on shares of PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Finally, Citigroup increased their price target 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 equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $146.85.

PDD 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.