KLP Kapitalforvaltning AS Acquires New Position in PDD Holdings Inc. (NASDAQ:PDD)

KLP Kapitalforvaltning AS acquired a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 4th quarter, Holdings Channel reports. The fund acquired 155,400 shares of the company’s stock, valued at approximately $15,072,000.

Several other institutional investors also recently bought and sold shares of the company. Sei Investments Co. lifted its stake in PDD by 16.0% during the 4th quarter. Sei Investments Co. now owns 273,168 shares of the company’s stock valued at $26,494,000 after acquiring an additional 37,689 shares during the period. American Century Companies Inc. lifted its stake in PDD by 7.3% during the 4th quarter. American Century Companies Inc. now owns 544,159 shares of the company’s stock valued at $52,778,000 after acquiring an additional 37,165 shares during the period. Northwest & Ethical Investments L.P. lifted its stake in PDD by 12.6% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 17,881 shares of the company’s stock valued at $1,734,000 after acquiring an additional 1,996 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in PDD by 25.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,060 shares of the company’s stock valued at $879,000 after acquiring an additional 1,840 shares during the period. Finally, Contrarius Group Holdings Ltd bought a new position in PDD during the 4th quarter valued at about $10,059,000. 39.83% of the stock is owned by hedge funds and other institutional investors.

PDD Trading Down 3.3 %

PDD stock opened at $126.64 on Monday. The firm has a 50 day moving average of $115.75 and a 200 day moving average of $113.38. The firm has a market capitalization of $174.24 billion, a price-to-earnings ratio of 12.37, a P/E/G 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 has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Ratings Changes

PDD has been the topic of several recent research reports. Nomura Securities cut shares of PDD from a “strong-buy” rating to a “hold” rating in a research note on Friday. Benchmark reiterated a “buy” rating and issued a $160.00 price objective on shares of PDD in a research note on Friday. Jefferies Financial Group lowered their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research note on Thursday. Nomura reiterated a “neutral” rating and issued a $130.00 price objective (down previously from $137.00) on shares of PDD in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of PDD from $105.00 to $125.00 and gave the stock a “neutral” rating in a research note on Friday. Five 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’s stock. According to data from MarketBeat, the company 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.