DnB Asset Management AS Raises Position in PDD Holdings Inc. (NASDAQ:PDD)

DnB Asset Management AS boosted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,040 shares of the company's stock after buying an additional 2,417 shares during the period. DnB Asset Management AS's holdings in PDD were worth $4,950,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of PDD. Norges Bank bought a new stake in PDD during the fourth quarter worth $812,246,000. H&H International Investment LLC increased its holdings in PDD by 3,693.8% in the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company's stock worth $526,784,000 after acquiring an additional 3,804,600 shares during the last quarter. Baillie Gifford & Co. raised its stake in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares during the period. Capital Today Evergreen Fund L.P. lifted its holdings in PDD by 60.1% during the fourth quarter. Capital Today Evergreen Fund L.P. now owns 2,493,586 shares of the company's stock valued at $241,853,000 after purchasing an additional 935,854 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in shares of PDD by 100.5% in the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock worth $559,000 after purchasing an additional 800,614 shares in the last quarter. Institutional investors own 39.83% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PDD shares. JPMorgan Chase & Co. raised their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a "neutral" rating in a report on Friday, March 21st. Nomura reissued a "neutral" rating and set a $130.00 price objective (down previously from $137.00) on shares of PDD in a report on Thursday, March 20th. Jefferies Financial Group cut their price objective on shares of PDD from $171.00 to $156.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, March 21st. Finally, Benchmark reiterated a "buy" rating and issued a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $169.91.

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PDD Trading Down 4.7 %

Shares of NASDAQ:PDD traded down $5.59 during midday trading on Thursday, hitting $113.49. 8,518,147 shares of the stock traded hands, compared to its average volume of 8,954,538. 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 stock has a market capitalization of $156.14 billion, a PE ratio of 11.08, a P/E/G ratio of 0.32 and a beta of 0.73. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The business's 50 day moving average is $119.09 and its two-hundred day moving average is $114.84.

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.