M&T Bank Corp Grows Holdings in PDD Holdings Inc. (NASDAQ:PDD)

M&T Bank Corp raised its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 11.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,570 shares of the company’s stock after purchasing an additional 1,740 shares during the quarter. M&T Bank Corp’s holdings in PDD were worth $1,704,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Fiera Capital Corp boosted its position in PDD by 172.2% in the 3rd quarter. Fiera Capital Corp now owns 14,180 shares of the company’s stock valued at $1,912,000 after buying an additional 8,971 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of PDD by 176.1% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,850 shares of the company’s stock valued at $243,000 after acquiring an additional 1,180 shares in the last quarter. Baker Avenue Asset Management LP purchased a new stake in shares of PDD in the third quarter valued at approximately $614,000. Venturi Wealth Management LLC bought a new position in PDD in the third quarter worth approximately $29,000. Finally, Nations Financial Group Inc. IA ADV increased its holdings in PDD by 317.0% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 10,983 shares of the company’s stock worth $1,481,000 after purchasing an additional 8,349 shares during the period. 39.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

PDD Stock Up 0.1 %

NASDAQ:PDD opened at $119.92 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The stock has a market capitalization of $164.99 billion, a P/E ratio of 11.71, a P/E/G ratio of 0.32 and a beta of 0.69. The company’s 50-day simple moving average is $110.66 and its 200-day simple moving average is $112.09. PDD Holdings Inc. has a fifty-two week low of $88.01 and a fifty-two week 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.