Oaktree Capital Management LP Cuts Holdings in PDD Holdings Inc. (NASDAQ:PDD)

Oaktree Capital Management LP lowered its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.9% in the 4th quarter, Holdings Channel reports. The firm owned 277,767 shares of the company’s stock after selling 5,500 shares during the period. Oaktree Capital Management LP’s holdings in PDD were worth $26,941,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Townsquare Capital LLC grew its position in PDD by 51.7% in the 3rd quarter. Townsquare Capital LLC now owns 3,810 shares of the company’s stock worth $514,000 after purchasing an additional 1,298 shares during the period. Financial Counselors Inc. bought a new stake in shares of PDD in the third quarter worth $264,000. Vinva Investment Management Ltd purchased a new stake in PDD during the third quarter valued at $243,000. Wasatch Advisors LP lifted its holdings in PDD by 24.4% in the third quarter. Wasatch Advisors LP now owns 303,329 shares of the company’s stock valued at $40,892,000 after acquiring an additional 59,592 shares during the period. Finally, TOMS Capital Investment Management LP purchased a new position in PDD in the third quarter worth about $1,928,000. 39.83% of the stock is owned by institutional investors.

PDD Stock Performance

PDD stock opened at $120.45 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company has a 50 day moving average price of $118.16 and a 200-day moving average price of $114.33. The company has a market capitalization of $165.72 billion, a PE ratio of 11.76, a P/E/G ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week high of $164.69.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PDD. JPMorgan Chase & Co. increased their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. Benchmark reiterated a “buy” rating and set a $160.00 price target on shares of PDD in a research note on Friday, March 21st. Nomura restated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Citigroup reiterated a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Finally, Jefferies Financial Group reduced their price target on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $169.91.

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.