M&T Bank Corp Takes $2.13 Million Position in PDD Holdings Inc. (NASDAQ:PDD)

M&T Bank Corp purchased a new position in PDD Holdings Inc. (NASDAQ:PDD - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 15,830 shares of the company's stock, valued at approximately $2,134,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. raised its position in PDD by 2.8% in the 3rd quarter. Baillie Gifford & Co. now owns 36,116,452 shares of the company's stock worth $4,868,859,000 after buying an additional 988,042 shares during the last quarter. FMR LLC grew its holdings in shares of PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company's stock worth $2,821,595,000 after acquiring an additional 1,654,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in PDD by 1,374.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock valued at $1,772,106,000 after acquiring an additional 12,253,589 shares during the last quarter. Tairen Capital Ltd lifted its holdings in PDD by 49.8% in the second quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company's stock valued at $715,055,000 after acquiring an additional 1,788,076 shares during the period. Finally, Legal & General Group Plc boosted its position in PDD by 13.0% in the second quarter. Legal & General Group Plc now owns 5,332,414 shares of the company's stock worth $708,944,000 after purchasing an additional 612,119 shares during the last quarter. 39.83% of the stock is currently owned by institutional investors.

PDD Price Performance

Shares of NASDAQ PDD traded down $2.39 during mid-day trading on Friday, reaching $102.27. The company's stock had a trading volume of 8,370,755 shares, compared to its average volume of 10,715,111. 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 52 week low of $88.01 and a 52 week high of $164.69. The stock has a fifty day moving average of $116.95 and a two-hundred day moving average of $124.87. The firm has a market capitalization of $140.71 billion, a PE ratio of 9.99, a P/E/G ratio of 0.30 and a beta of 0.66.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Macquarie upgraded shares of PDD from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $126.00 to $224.00 in a research note on Monday, October 7th. Daiwa America upgraded shares of PDD to a "strong-buy" rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. downgraded shares of PDD from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $170.00 to $105.00 in a research report on Friday, November 22nd. Nomura Securities raised PDD to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, Jefferies Financial Group cut their price target on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a report on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, PDD presently has an average rating of "Moderate Buy" and an average target price of $173.40.

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.