KLP Kapitalforvaltning AS Buys 7,100 Shares of PDD Holdings Inc. Sponsored ADR $PDD

KLP Kapitalforvaltning AS increased its stake in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) by 4.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 164,300 shares of the company's stock after buying an additional 7,100 shares during the period. KLP Kapitalforvaltning AS's holdings in PDD were worth $17,196,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in PDD in the first quarter worth about $26,000. Ameritas Advisory Services LLC bought a new position in PDD in the second quarter worth about $28,000. IFP Advisors Inc raised its stake in PDD by 245.8% in the first quarter. IFP Advisors Inc now owns 408 shares of the company's stock worth $48,000 after buying an additional 290 shares in the last quarter. Goldstream Capital Management Ltd bought a new position in PDD in the first quarter worth about $102,000. Finally, Valeo Financial Advisors LLC bought a new position in PDD in the second quarter worth about $136,000. 39.83% of the stock is owned by institutional investors.

PDD Stock Up 0.2%

NASDAQ:PDD opened at $133.77 on Thursday. The company's 50 day moving average price is $124.11 and its 200-day moving average price is $112.78. PDD Holdings Inc. Sponsored ADR has a 52 week low of $87.11 and a 52 week high of $145.37. The stock has a market cap of $186.23 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 1.58 and a beta of 0.40.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PDD. Macquarie set a $165.00 price objective on shares of PDD and gave the stock an "outperform" rating in a report on Monday, August 25th. Weiss Ratings reiterated a "hold (c+)" rating on shares of PDD in a report on Wednesday. Citigroup reiterated a "buy" rating on shares of PDD in a report on Monday, August 25th. Bank of America lifted their target price on shares of PDD from $120.00 to $141.00 and gave the company a "neutral" rating in a report on Tuesday, August 26th. Finally, Barclays lifted their target price on shares of PDD from $158.00 to $165.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $137.82.

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.

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