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

Norges Bank acquired a new stake in PDD Holdings Inc. (NASDAQ:PDD) during the 4th quarter, HoldingsChannel reports. The firm acquired 8,374,532 shares of the company’s stock, valued at approximately $812,246,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Gordian Capital Singapore Pte Ltd increased its holdings in shares of PDD by 1,218.9% in the 3rd quarter. Gordian Capital Singapore Pte Ltd now owns 6,990 shares of the company’s stock worth $942,000 after buying an additional 6,460 shares during the last quarter. Lord Abbett & CO. LLC grew its position in shares of PDD by 63.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 38,235 shares of the company’s stock worth $5,155,000 after buying an additional 14,905 shares during the last quarter. Maple Rock Capital Partners Inc. purchased a new position in shares of PDD during the third quarter valued at approximately $74,221,000. Headwater Capital Co Ltd purchased a new position in shares of PDD during the fourth quarter valued at approximately $9,699,000. Finally, Baillie Gifford & Co. raised its holdings in shares of PDD by 5.4% during the fourth quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock valued at $3,691,376,000 after acquiring an additional 1,942,891 shares in the last quarter. Institutional investors own 39.83% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on PDD shares. Benchmark reissued a “buy” rating and set a $160.00 price objective on shares of PDD in a research report on Friday, March 21st. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 21st. Nomura restated a “neutral” rating and issued a $130.00 price objective (down from $137.00) on shares of PDD in a report on Thursday, March 20th. Citigroup reaffirmed a “neutral” rating on shares of PDD in a research report on Thursday, March 20th. Finally, Jefferies Financial Group reduced their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Five equities 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 data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $169.91.

PDD Trading Up 1.5 %

NASDAQ PDD opened at $124.36 on Friday. The stock has a market cap of $171.10 billion, a PE ratio of 12.14, a PEG ratio of 0.32 and a beta of 0.69. PDD Holdings Inc. has a 12 month low of $88.01 and a 12 month high of $164.69. The company’s 50-day moving average price is $117.86 and its 200-day moving average price is $113.99. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

About PDD

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.