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Why Pinduoduo Stock Popped Today

TheMotleyFool

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Shares of Pinduoduo (NASDAQ: PDD) jumped 7.5% on Thursday following news that popular fund manager Cathie Wood purchased the stock for her ARK Fintech Innovation ETF (NYSEMKT: ARKF).

After her funds' stellar performance in 2020, Wood has become one of the most widely followed investment managers. Her buys and sells can move stock prices, as other investors mimic her trades. This appeared to be the case with Pinduoduo today.

Image source: Getty Images.

Source Fool.com

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