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

DnB Asset Management AS increased its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 51,040 shares of the company’s stock after purchasing 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.

Other large investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. raised 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 worth $3,691,376,000 after buying an additional 1,942,891 shares in the last quarter. Vanguard Group Inc. increased its stake in PDD by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock worth $2,779,986,000 after acquiring an additional 268,662 shares during the last quarter. Norges Bank bought a new position in PDD in the 4th quarter worth about $812,246,000. Appaloosa LP raised its holdings in shares of PDD by 1.0% in the 4th quarter. Appaloosa LP now owns 5,356,132 shares of the company’s stock valued at $519,491,000 after acquiring an additional 55,000 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of PDD by 12.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after acquiring an additional 513,248 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 3.1 %

Shares of NASDAQ PDD opened at $120.45 on Monday. The firm’s fifty day moving average is $118.16 and its 200 day moving average is $114.47. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69. 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 company has a market cap of $165.72 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 0.32 and a beta of 0.69.

Wall Street Analysts Forecast Growth

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