Norges Bank Takes Position in PDD Holdings Inc. (NASDAQ:PDD)

Norges Bank purchased a new stake in PDD Holdings Inc. (NASDAQ:PDD) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,374,532 shares of the company’s stock, valued at approximately $812,246,000. Norges Bank owned 0.61% of PDD at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PDD. Jones Financial Companies Lllp raised its position in PDD by 8.7% in the 4th quarter. Jones Financial Companies Lllp now owns 1,215 shares of the company’s stock worth $118,000 after purchasing an additional 97 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in PDD by 30.9% in the fourth quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares in the last quarter. New York Life Investment Management LLC increased its holdings in PDD by 5.8% during the 4th quarter. New York Life Investment Management LLC now owns 2,528 shares of the company’s stock worth $245,000 after purchasing an additional 139 shares in the last quarter. Cibc World Markets Corp grew its holdings in shares of PDD by 1.1% during the fourth quarter. Cibc World Markets Corp now owns 14,799 shares of the company’s stock worth $1,435,000 after buying an additional 164 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings 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 purchasing an additional 249 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday, March 21st. 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 report on Thursday, March 20th. Benchmark reissued a “buy” rating and issued a $160.00 target price on shares of PDD in a report on Friday, March 21st. Nomura Securities cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, March 21st. Finally, Citigroup reiterated a “neutral” rating on shares of PDD in a research note on Thursday, March 20th. Five 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 stock. According to data from MarketBeat.com, PDD has a consensus rating of “Moderate Buy” and an average price target of $169.91.

PDD Trading Up 1.5 %

Shares of PDD stock opened at $124.36 on Friday. 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 stock has a fifty day simple moving average of $117.86 and a 200 day simple moving average of $113.99. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69. The company has a market capitalization of $171.10 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69.

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.