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

M&T Bank Corp acquired a new stake in shares of PDD Holdings Inc. (NASDAQ:PDD) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 15,830 shares of the company’s stock, valued at approximately $2,134,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of 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 purchasing an additional 12,253,589 shares in the last quarter. H&H International Investment LLC raised its holdings in PDD by 3,693.8% in the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock valued at $526,784,000 after buying an additional 3,804,600 shares during the last quarter. Acadian Asset Management LLC boosted its position in PDD by 107.8% during the 2nd quarter. Acadian Asset Management LLC now owns 3,670,799 shares of the company’s stock worth $487,984,000 after buying an additional 1,904,155 shares during the period. Tairen Capital Ltd grew its holdings in PDD by 49.8% during the 2nd quarter. Tairen Capital Ltd now owns 5,378,376 shares of the company’s stock worth $715,055,000 after acquiring an additional 1,788,076 shares during the last quarter. Finally, FMR LLC increased its position in PDD by 8.6% in the 3rd 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 period. Institutional investors own 39.83% of the company’s stock.

PDD Stock Down 2.3 %

Shares of NASDAQ PDD opened at $102.27 on Friday. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $140.71 billion, a PE ratio of 9.99, a P/E/G ratio of 0.30 and a beta of 0.66. The company’s fifty day simple moving average is $116.95 and its 200 day simple moving average is $125.06. PDD Holdings Inc. has a 12-month low of $88.01 and a 12-month high of $164.69.

Analysts Set New Price Targets

A number of brokerages have recently commented on PDD. Jefferies Financial Group cut their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Citigroup downgraded PDD from a “buy” rating to a “neutral” rating and cut their target price for the stock from $194.00 to $120.00 in a report on Tuesday, August 27th. Nomura Securities raised PDD to a “strong-buy” rating in a research note on Tuesday, August 27th. Benchmark cut their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, Dbs Bank cut PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently 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.