KLP Kapitalforvaltning AS Purchases New Stake in PDD Holdings Inc. (NASDAQ:PDD)

KLP Kapitalforvaltning AS bought a new stake in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 155,400 shares of the company's stock, valued at approximately $15,072,000.

Other hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. grew its position in shares of PDD by 5.4% in the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the period. FMR LLC increased its stake in shares of PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company's stock valued at $2,821,595,000 after acquiring an additional 1,654,764 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of PDD by 1,374.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock worth $1,772,106,000 after acquiring an additional 12,253,589 shares during the period. Appaloosa LP lifted its holdings in shares of PDD by 1.0% during the 4th quarter. Appaloosa LP now owns 5,356,132 shares of the company's stock worth $519,491,000 after acquiring an additional 55,000 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of PDD by 12.3% in the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company's stock worth $627,104,000 after acquiring an additional 513,248 shares during the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

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PDD Stock Down 2.2 %

PDD stock traded down $2.87 during trading on Tuesday, reaching $125.25. The stock had a trading volume of 7,815,603 shares, compared to its average volume of 10,404,776. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69. The company has a market capitalization of $172.33 billion, a P/E ratio of 12.23, a PEG ratio of 0.32 and a beta of 0.69. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average price of $116.40 and a 200 day moving average price of $113.63.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PDD. JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a research note on Friday. Nomura restated a "neutral" rating and set a $130.00 price target (down from $137.00) on shares of PDD in a research note on Thursday, March 20th. Benchmark reiterated a "buy" rating and set a $160.00 target price on shares of PDD in a report on Friday. Jefferies Financial Group cut their price target on shares of PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Finally, Nomura Securities downgraded shares of PDD from a "strong-buy" rating to a "hold" rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.91.

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.