CIBC Asset Management Inc Buys 2,301 Shares of PDD Holdings Inc. (NASDAQ:PDD)

CIBC Asset Management Inc lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD - Free Report) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 127,820 shares of the company's stock after buying an additional 2,301 shares during the period. CIBC Asset Management Inc's holdings in PDD were worth $12,397,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of PDD by 1,374.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 13,145,211 shares of the company's stock worth $1,772,106,000 after buying an additional 12,253,589 shares in the last quarter. H&H International Investment LLC boosted its position in shares of PDD by 3,693.8% in the third quarter. H&H International Investment LLC now owns 3,907,600 shares of the company's stock worth $526,784,000 after acquiring an additional 3,804,600 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in shares of PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company's stock valued at $3,691,376,000 after purchasing an additional 1,942,891 shares during the last quarter. FMR LLC boosted its holdings in PDD by 8.6% in the third quarter. FMR LLC now owns 20,930,161 shares of the company's stock valued at $2,821,595,000 after acquiring an additional 1,654,764 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in PDD by 100.5% during the third quarter. HighTower Advisors LLC now owns 4,129 shares of the company's stock valued at $559,000 after buying an additional 800,614 shares in the last quarter. 39.83% of the stock is owned by institutional investors and hedge funds.

PDD Stock Up 5.6 %

Shares of NASDAQ:PDD traded up $6.93 on Friday, reaching $131.34. The company had a trading volume of 16,790,320 shares, compared to its average volume of 8,707,887. The stock has a market capitalization of $180.71 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.32 and a beta of 0.67. The stock has a 50-day moving average price of $106.54 and a 200 day moving average price of $114.17. PDD Holdings Inc. has a twelve month low of $88.01 and a twelve month high of $164.69. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02.

Analyst Upgrades and Downgrades

Several research firms recently commented on PDD. JPMorgan Chase & Co. cut PDD from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Benchmark reduced their price target on shares of PDD from $185.00 to $160.00 and set a "buy" rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group reduced their target price on PDD from $181.00 to $171.00 and set a "buy" rating on the stock in a report on Thursday, November 21st. Finally, Dbs Bank downgraded PDD from a "strong-buy" rating to a "hold" rating in a report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $173.40.

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.