State of New Jersey Common Pension Fund D Sells 104,345 Shares of PDD Holdings Inc. (NASDAQ:PDD)

State of New Jersey Common Pension Fund D decreased its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 72.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 40,513 shares of the company’s stock after selling 104,345 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in PDD were worth $5,927,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PDD. SRS Capital Advisors Inc. boosted its stake in PDD by 294.4% in the third quarter. SRS Capital Advisors Inc. now owns 280 shares of the company’s stock worth $27,000 after buying an additional 209 shares in the last quarter. Turim 21 Investimentos Ltda. bought a new stake in shares of PDD in the 3rd quarter worth approximately $55,000. CWM LLC increased its stake in shares of PDD by 22.7% during the third quarter. CWM LLC now owns 758 shares of the company’s stock valued at $74,000 after buying an additional 140 shares during the period. Tennessee Valley Asset Management Partners bought a new position in shares of PDD during the fourth quarter valued at approximately $144,000. Finally, Shen Neil Nanpeng bought a new stake in shares of PDD during the 3rd quarter valued at about $175,000. 29.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PDD. Citigroup lifted 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. Jefferies Financial Group raised their price target on PDD from $157.00 to $161.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. JPMorgan Chase & Co. decreased their target price on PDD from $195.00 to $190.00 and set an “overweight” rating on the stock in a report on Thursday, March 21st. The Goldman Sachs Group cut shares of PDD from a “buy” rating to a “neutral” rating and set a $136.00 price objective for the company. in a research note on Monday, March 11th. Finally, Benchmark increased their price objective on shares of PDD from $215.00 to $220.00 and gave the company a “buy” rating in a 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.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $146.85.

PDD Stock Up 2.8 %

PDD stock traded up $3.52 during midday trading on Friday, hitting $129.31. 11,542,974 shares of the company’s stock were exchanged, compared to its average volume of 8,446,373. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.83 and a current ratio of 1.93. The company has a market cap of $170.64 billion, a PE ratio of 22.57, a P/E/G ratio of 0.33 and a beta of 0.67. The firm has a 50-day moving average of $121.86 and a two-hundred day moving average of $126.40. PDD Holdings Inc. has a 12 month low of $59.67 and a 12 month high of $152.99.

PDD (NASDAQ:PDD) last posted its quarterly earnings data 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. PDD had a return on equity of 39.10% and a net margin of 24.23%. The firm had revenue of $12.52 billion during the quarter, compared to analysts’ expectations of $11.80 billion. As a group, analysts expect that PDD Holdings Inc. will post 7.85 earnings per share for the current fiscal year.

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.