CIBC Asset Management Inc Has $12.40 Million Stock Position in PDD Holdings Inc. (NASDAQ:PDD)

CIBC Asset Management Inc lifted its stake in PDD Holdings Inc. (NASDAQ:PDD) by 1.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 127,820 shares of the company’s stock after purchasing an additional 2,301 shares during the quarter. CIBC Asset Management Inc’s holdings in PDD were worth $12,397,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Prime Capital Investment Advisors LLC boosted its position in PDD by 5.2% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 1,810 shares of the company’s stock worth $244,000 after acquiring an additional 89 shares during the period. OneDigital Investment Advisors LLC boosted its position in PDD by 6.8% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 2,624 shares of the company’s stock worth $354,000 after acquiring an additional 166 shares during the period. CWM LLC boosted its position in PDD by 19.3% during the 3rd quarter. CWM LLC now owns 1,046 shares of the company’s stock worth $141,000 after acquiring an additional 169 shares during the period. Avior Wealth Management LLC boosted its position in PDD by 50.9% during the 3rd quarter. Avior Wealth Management LLC now owns 501 shares of the company’s stock worth $68,000 after acquiring an additional 169 shares during the period. Finally, Prospera Private Wealth LLC acquired a new stake in PDD during the 3rd quarter worth about $27,000. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Up 3.5 %

Shares of PDD stock opened at $128.46 on Wednesday. The stock’s 50 day simple moving average is $105.24 and its 200 day simple moving average is $114.02. 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 twelve month low of $88.01 and a twelve month high of $164.69. The company has a market capitalization of $176.74 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.29 and a beta of 0.67.

Analysts Set New Price Targets

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

About PDD

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.