M&T Bank Corp Makes New $2.15 Million Investment in PDD Holdings Inc. Sponsored ADR $PDD

Key Points

• M&T Bank Corp opened a new position in PDD Holdings during the fourth quarter, buying 18,960 shares worth about $2.15 million.
• Institutional interest in PDD remains significant, with hedge funds and other large investors holding 39.83% of the stock.
• Analyst sentiment is mixed but leaning cautious: PDD has an average Hold rating and an average price target of $139.67, while the stock recently traded at $98.78.

M&T Bank Corp purchased a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,960 shares of the company's stock, valued at approximately $2,150,000.

A number of other large investors have also bought and sold shares of PDD. OVERSEA CHINESE BANKING Corp Ltd boosted its holdings in PDD by 17.3% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 368,564 shares of the company's stock worth $48,694,000 after purchasing an additional 54,418 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in PDD during the third quarter worth about $2,790,000. Exchange Traded Concepts LLC boosted its holdings in PDD by 11.7% during the fourth quarter. Exchange Traded Concepts LLC now owns 242,722 shares of the company's stock worth $27,522,000 after purchasing an additional 25,369 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in PDD by 4.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,719,535 shares of the company's stock worth $227,271,000 after purchasing an additional 74,225 shares during the last quarter. Finally, Rakuten Investment Management Inc. purchased a new position in PDD during the third quarter worth about $18,311,000. 39.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PDD has been the topic of several analyst reports. Nomura upgraded shares of PDD from a "neutral" rating to a "buy" rating and set a $136.00 price target on the stock in a report on Friday, March 27th. Arete Research upgraded shares of PDD from a "neutral" rating to a "buy" rating and set a $121.00 price target on the stock in a report on Friday, April 17th. Citigroup restated a "neutral" rating on shares of PDD in a report on Wednesday, January 28th. Morgan Stanley set a $148.00 price target on shares of PDD in a report on Thursday, January 15th. Finally, Wall Street Zen cut shares of PDD from a "buy" rating to a "hold" rating in a report on Saturday, January 31st. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $139.67.

PDD Stock Performance

Shares of PDD stock opened at $98.78 on Friday. The firm has a market cap of $137.52 billion, a price-to-earnings ratio of 10.51, a P/E/G ratio of 0.96 and a beta of 0.04. PDD Holdings Inc. Sponsored ADR has a 52 week low of $95.24 and a 52 week high of $139.41. The firm's 50-day simple moving average is $101.07 and its two-hundred day simple moving average is $110.73.

PDD Company Profile

PDD NASDAQ: PDD is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.

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