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

CIBC Asset Management Inc boosted its holdings in PDD Holdings Inc. (NASDAQ:PDD) by 1.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 127,820 shares of the company’s stock after purchasing an additional 2,301 shares during the period. CIBC Asset Management Inc’s holdings in PDD were worth $12,397,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its position in PDD by 5.4% in the 4th quarter. Baillie Gifford & Co. now owns 38,059,343 shares of the company’s stock worth $3,691,376,000 after buying an additional 1,942,891 shares during the period. FMR LLC grew its holdings in shares of PDD by 8.6% during the 3rd quarter. FMR LLC now owns 20,930,161 shares of the company’s stock worth $2,821,595,000 after purchasing an additional 1,654,764 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of PDD by 1,374.3% during 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 purchasing an additional 12,253,589 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of PDD by 12.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,686,505 shares of the company’s stock worth $627,104,000 after purchasing an additional 513,248 shares in the last quarter. Finally, H&H International Investment LLC grew its holdings in shares of PDD by 3,693.8% during the 3rd quarter. H&H International Investment LLC now owns 3,907,600 shares of the company’s stock worth $526,784,000 after purchasing an additional 3,804,600 shares in the last quarter. 39.83% of the stock is owned by institutional investors.

PDD Price Performance

PDD stock opened at $128.46 on Wednesday. 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 firm has a market cap of $176.74 billion, a P/E ratio of 12.54, a P/E/G ratio of 0.29 and a beta of 0.67. The business’s fifty day moving average is $105.24 and its two-hundred day moving average is $114.02. PDD Holdings Inc. has a 52 week low of $88.01 and a 52 week high of $164.69.

Analyst Ratings Changes

PDD has been the topic of several recent research reports. JPMorgan Chase & Co. lowered PDD from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $170.00 to $105.00 in a report on Friday, November 22nd. Jefferies Financial Group decreased their price objective on PDD from $181.00 to $171.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Benchmark decreased their price objective on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a report on Friday, November 22nd. Finally, Dbs Bank lowered 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 given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.