Pinduoduo (PDD) Shares Gap Up to $22.15

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Shares of Pinduoduo Inc (NASDAQ:PDD) gapped up before the market opened on Wednesday . The stock had previously closed at $23.04, but opened at $22.15. Pinduoduo shares last traded at $22.05, with a volume of 164837 shares trading hands.

PDD has been the subject of several research analyst reports. Morgan Stanley initiated coverage on shares of Pinduoduo in a report on Wednesday, January 16th. They issued an “overweight” rating and a $29.00 price target for the company. HSBC initiated coverage on shares of Pinduoduo in a report on Friday, February 1st. They issued a “hold” rating for the company. ValuEngine lowered shares of Pinduoduo from a “buy” rating to a “hold” rating in a report on Wednesday, February 20th. UBS Group initiated coverage on shares of Pinduoduo in a report on Wednesday, March 6th. They issued a “buy” rating and a $37.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on shares of Pinduoduo in a report on Monday, April 15th. They issued a “buy” rating and a $30.00 price target for the company. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $29.95.

The company has a market capitalization of $22.99 billion and a price-to-earnings ratio of -11.01.

Pinduoduo (NASDAQ:PDD) last announced its earnings results on Wednesday, March 13th. The company reported ($0.32) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.03). The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.31 billion. Pinduoduo had a negative return on equity of 114.98% and a negative net margin of 78.51%. The firm’s revenue was up 379.4% on a year-over-year basis. On average, research analysts anticipate that Pinduoduo Inc will post -0.71 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. acquired a new position in shares of Pinduoduo during the 1st quarter worth about $35,000. Enlightenment Research LLC acquired a new position in shares of Pinduoduo during the 4th quarter worth about $54,000. Quadrant Capital Group LLC acquired a new position in shares of Pinduoduo during the 1st quarter worth about $66,000. Atlas Capital Advisors LLC acquired a new position in shares of Pinduoduo during the 1st quarter worth about $87,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Pinduoduo during the 1st quarter worth about $102,000. 7.00% of the stock is owned by hedge funds and other institutional investors.

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About Pinduoduo (NASDAQ:PDD)

Pinduoduo Inc operates an e-commerce platform in the People's Republic of China. It also operates Pinduoduo, a mobile platform that offers a range of priced merchandise. The company was formerly known as Walnut Street Group Holding Limited and changed its name to Pinduoduo Inc in July 2018. Pinduoduo Inc was founded in 2015 and is based in Shanghai, the People's Republic of China.

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