Cantor Fitzgerald L. P. Invests $7.24 Million in PDD Holdings Inc. Sponsored ADR $PDD

Cantor Fitzgerald L. P. purchased a new position in PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 54,739 shares of the company’s stock, valued at approximately $7,235,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in PDD by 1.1% during the third quarter. Vanguard Group Inc. now owns 32,384,722 shares of the company’s stock valued at $4,280,289,000 after buying an additional 348,997 shares during the last quarter. Norges Bank purchased a new stake in shares of PDD in the second quarter worth $962,785,000. Sanders Capital LLC increased its holdings in shares of PDD by 21.5% during the second quarter. Sanders Capital LLC now owns 8,526,610 shares of the company’s stock valued at $892,395,000 after acquiring an additional 1,508,445 shares in the last quarter. Geode Capital Management LLC raised its position in shares of PDD by 4.0% in the 2nd quarter. Geode Capital Management LLC now owns 6,226,538 shares of the company’s stock worth $646,764,000 after purchasing an additional 240,627 shares during the last quarter. Finally, First Beijing Investment Ltd raised its position in shares of PDD by 10.6% in the 3rd quarter. First Beijing Investment Ltd now owns 6,168,721 shares of the company’s stock worth $815,320,000 after purchasing an additional 590,869 shares during the last quarter. Institutional investors own 39.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Bank of America cut their price objective on shares of PDD from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 19th. Sanford C. Bernstein set a $135.00 target price on shares of PDD in a report on Tuesday, November 18th. Morgan Stanley set a $148.00 target price on shares of PDD in a research note on Thursday, January 15th. Wall Street Zen cut shares of PDD from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Finally, Arete Research set a $130.00 price target on shares of PDD in a research report on Tuesday, December 9th. Four equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, PDD currently has an average rating of “Hold” and a consensus target price of $139.87.

PDD Stock Performance

NASDAQ PDD opened at $102.65 on Friday. PDD Holdings Inc. Sponsored ADR has a one year low of $87.11 and a one year high of $139.41. The stock has a 50-day moving average of $106.05 and a 200 day moving average of $118.04. The company has a market capitalization of $142.90 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.90 and a beta of -0.01.

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.