Norges Bank Acquires Shares of 8,374,532 PDD Holdings Inc. (NASDAQ:PDD)

Norges Bank bought a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 8,374,532 shares of the company's stock, valued at approximately $812,246,000. Norges Bank owned approximately 0.61% of PDD as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PDD. Nisa Investment Advisors LLC bought a new position in shares of PDD during the fourth quarter valued at $39,000. Brooklyn Investment Group raised its position in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company's stock worth $51,000 after purchasing an additional 405 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company's stock worth $53,000 after buying an additional 498 shares during the period. Farther Finance Advisors LLC grew its position in shares of PDD by 30.9% in the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company's stock valued at $54,000 after buying an additional 132 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of PDD by 43.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 825 shares of the company's stock valued at $80,000 after buying an additional 249 shares during the period. Institutional investors and hedge funds own 39.83% of the company's stock.

PDD Stock Up 3.2 %

PDD stock traded up $3.81 during trading on Tuesday, reaching $122.16. 2,934,258 shares of the stock were exchanged, compared to its average volume of 8,900,400. The firm's 50 day moving average is $118.41 and its 200 day moving average is $114.61. The firm has a market cap of $168.08 billion, a P/E ratio of 11.94, a price-to-earnings-growth 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. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69.

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Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Jefferies Financial Group reduced their target price on PDD from $171.00 to $156.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Citigroup reiterated a "neutral" rating on shares of PDD in a research report on Thursday, March 20th. JPMorgan Chase & Co. boosted their target price on shares of PDD from $105.00 to $125.00 and gave the company a "neutral" rating in a report on Friday, March 21st. Benchmark reaffirmed a "buy" rating and set a $160.00 price target on shares of PDD in a research report on Friday, March 21st. Finally, Nomura Securities lowered PDD from a "strong-buy" rating to a "hold" rating in a research report on Friday, March 21st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.