Pinduoduo (NASDAQ:PDD) Shares Down 2.6%

Pinduoduo Inc. (NASDAQ:PDDGet Rating) traded down 2.6% on Wednesday . The company traded as low as $58.73 and last traded at $59.35. Approximately 117,795 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 15,536,974 shares. The stock had previously closed at $60.92.

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of Pinduoduo from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 31st. Nomura Instinet reaffirmed a “neutral” rating and issued a $48.00 target price (down previously from $95.00) on shares of Pinduoduo in a research report on Tuesday, March 22nd. Barclays lifted their target price on shares of Pinduoduo from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 1st. 86 Research raised shares of Pinduoduo from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Finally, HSBC cut their price objective on shares of Pinduoduo from $76.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, March 22nd. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $76.80.

The firm has a market cap of $74.26 billion, a PE ratio of 40.36 and a beta of 1.17. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.18. The firm’s 50 day simple moving average is $43.41 and its 200 day simple moving average is $49.97.

Pinduoduo (NASDAQ:PDDGet Rating) last announced its quarterly earnings results on Friday, May 27th. The company reported $2.95 EPS for the quarter, topping the consensus estimate of $0.27 by $2.68. Pinduoduo had a net margin of 13.91% and a return on equity of 22.63%. During the same period in the previous year, the company posted ($0.36) EPS. As a group, equities research analysts predict that Pinduoduo Inc. will post 1.32 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Baillie Gifford & Co. raised its position in shares of Pinduoduo by 5.9% during the 4th quarter. Baillie Gifford & Co. now owns 29,101,766 shares of the company’s stock valued at $1,696,633,000 after buying an additional 1,613,256 shares in the last quarter. BlackRock Inc. raised its position in shares of Pinduoduo by 4.1% during the 1st quarter. BlackRock Inc. now owns 21,132,380 shares of the company’s stock valued at $847,619,000 after buying an additional 828,378 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Pinduoduo by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 14,124,382 shares of the company’s stock valued at $566,528,000 after buying an additional 211,729 shares in the last quarter. Krane Funds Advisors LLC raised its position in shares of Pinduoduo by 21.1% during the 1st quarter. Krane Funds Advisors LLC now owns 5,553,809 shares of the company’s stock valued at $222,763,000 after buying an additional 967,642 shares in the last quarter. Finally, Bridgewater Associates LP grew its holdings in Pinduoduo by 85.6% during the 1st quarter. Bridgewater Associates LP now owns 4,939,412 shares of the company’s stock valued at $198,120,000 after purchasing an additional 2,277,541 shares during the last quarter. Hedge funds and other institutional investors own 21.84% of the company’s stock.

About Pinduoduo (NASDAQ:PDD)

Pinduoduo Inc, through its subsidiaries, operates an e-commerce platform in the People's Republic of China. It operates Pinduoduo, a mobile platform that offers a range of products, including apparel, shoes, bags, mother and childcare products, food and beverages, fresh produce, electronic appliances, furniture and household goods, cosmetics and other personal care items, sports and fitness items, and auto accessories.

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