M&T Bank Corp purchased a new stake 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 institutional investor purchased 15,830 shares of the company's stock, valued at approximately $2,134,000.
Other large investors have also recently bought and sold shares of the company. Prime Capital Investment Advisors LLC grew its position in shares of PDD by 5.2% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company's stock valued at $244,000 after purchasing an additional 89 shares during the last quarter. Ballentine Partners LLC grew its holdings in PDD by 4.6% in the 2nd quarter. Ballentine Partners LLC now owns 2,701 shares of the company's stock valued at $359,000 after buying an additional 120 shares in the last quarter. Parallel Advisors LLC increased its position in PDD by 5.3% during the 2nd quarter. Parallel Advisors LLC now owns 2,436 shares of the company's stock worth $324,000 after buying an additional 122 shares during the period. Legacy Capital Group California Inc. lifted its holdings in shares of PDD by 6.8% during the second quarter. Legacy Capital Group California Inc. now owns 2,080 shares of the company's stock worth $277,000 after buying an additional 133 shares in the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in shares of PDD by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company's stock valued at $354,000 after acquiring an additional 166 shares during the period. 39.83% of the stock is owned by institutional investors.
PDD has been the topic of a number of recent research reports. Benchmark lowered 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. Sanford C. Bernstein dropped their price target on shares of PDD from $235.00 to $170.00 and set an "outperform" rating for the company in a research report on Tuesday, August 27th. Macquarie raised PDD from a "neutral" rating to an "outperform" rating and increased their price target for the stock from $126.00 to $224.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. lowered PDD from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $170.00 to $105.00 in a research note on Friday, November 22nd. Finally, Jefferies Financial Group cut their target price on PDD from $181.00 to $171.00 and set a "buy" rating for the company in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, PDD has an average rating of "Moderate Buy" and an average price target of $173.40.
Check Out Our Latest Stock Report on PDD
PDD stock opened at $102.27 on Friday. The stock has a fifty day moving average of $116.95 and a 200-day moving average of $125.06. The stock has a market capitalization of $140.71 billion, a P/E ratio of 9.99, a price-to-earnings-growth ratio of 0.30 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.
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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