DnB Asset Management AS Buys 2,417 Shares of PDD Holdings Inc. (NASDAQ:PDD)

DnB Asset Management AS grew its stake in shares of PDD Holdings Inc. (NASDAQ:PDD) by 5.0% during the fourth quarter, HoldingsChannel reports. The firm owned 51,040 shares of the company’s stock after purchasing an additional 2,417 shares during the quarter. DnB Asset Management AS’s holdings in PDD were worth $4,950,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Baillie Gifford & Co. lifted its holdings in 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 during the period. Vanguard Group Inc. boosted its position in shares of PDD by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 28,662,609 shares of the company’s stock valued at $2,779,986,000 after purchasing an additional 268,662 shares in the last quarter. Norges Bank purchased a new stake in PDD in the fourth quarter worth $812,246,000. Appaloosa LP raised its holdings in PDD by 1.0% in the fourth quarter. Appaloosa LP now owns 5,356,132 shares of the company’s stock worth $519,491,000 after purchasing an additional 55,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in PDD by 12.3% during the third quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock valued at $627,104,000 after buying an additional 513,248 shares during the period. Hedge funds and other institutional investors own 39.83% of the company’s stock.

PDD Price Performance

NASDAQ PDD opened at $120.45 on Monday. PDD Holdings Inc. has a one year low of $88.01 and a one year high of $164.69. The stock has a 50-day moving average of $118.16 and a 200 day moving average of $114.47. 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 market capitalization 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

A number of analysts have recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and issued a $160.00 target price on shares of PDD in a research report on Friday, March 21st. Nomura Securities downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 21st. Nomura reissued a “neutral” rating and issued a $130.00 price target (down from $137.00) on shares of PDD in a research report on Thursday, March 20th. Citigroup restated a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. Finally, Jefferies Financial Group lowered their price objective on PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Five 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 stock. Based on data from MarketBeat.com, the stock has a consensus 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.