KLP Kapitalforvaltning AS Invests $15.07 Million in PDD Holdings Inc. (NASDAQ:PDD)

KLP Kapitalforvaltning AS purchased a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 155,400 shares of the company’s stock, valued at approximately $15,072,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC bought a new stake in PDD during the 4th quarter valued at $39,000. Brooklyn Investment Group raised its holdings in PDD by 340.3% during the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after buying an additional 405 shares during the last quarter. Global Retirement Partners LLC raised its holdings in PDD by 939.6% during the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock valued at $53,000 after buying an additional 498 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in PDD by 30.9% during the 4th quarter. Farther Finance Advisors LLC now owns 559 shares of the company’s stock valued at $54,000 after buying an additional 132 shares during the last quarter. Finally, Avior Wealth Management LLC raised its holdings in PDD by 50.9% during the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock valued at $68,000 after buying an additional 169 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Nomura Securities lowered shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday. Benchmark reissued a “buy” rating and set a $160.00 price objective on shares of PDD in a research report on Friday. Jefferies Financial Group reduced their price objective on shares of PDD from $171.00 to $156.00 and set a “buy” rating on the stock in a research report on Thursday. Nomura reissued a “neutral” rating and set a $130.00 price objective (down from $137.00) on shares of PDD in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of PDD from $105.00 to $125.00 and gave the company a “neutral” rating in a research report on Friday. Five research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $169.91.

PDD Stock Down 3.3 %

NASDAQ:PDD opened at $126.64 on Monday. The firm’s 50-day moving average price is $115.75 and its 200-day moving average price is $113.38. The company has a market capitalization of $174.24 billion, a PE ratio of 12.37, a P/E/G ratio of 0.32 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.15 and a quick ratio of 2.15. PDD Holdings Inc. has a 1-year low of $88.01 and a 1-year high of $164.69.

PDD Company 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.