Pinduoduo (NASDAQ:PDD) posted its quarterly earnings results on Tuesday. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.08, MarketWatch Earnings reports. The business had revenue of $491.03 million during the quarter.

Shares of NASDAQ:PDD traded up $0.36 during trading hours on Wednesday, hitting $23.50. The company’s stock had a trading volume of 107,412 shares, compared to its average volume of 7,233,851. Pinduoduo has a 52 week low of $16.53 and a 52 week high of $30.48.

Institutional investors have recently modified their holdings of the company. Morgan Stanley purchased a new position in shares of Pinduoduo in the 3rd quarter worth approximately $227,000. Granite Point Capital Management L.P. purchased a new position in shares of Pinduoduo in the 3rd quarter worth approximately $263,000. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Pinduoduo in the 3rd quarter worth approximately $546,000. First Trust Advisors LP purchased a new position in shares of Pinduoduo in the 3rd quarter worth approximately $589,000. Finally, Virtu Financial LLC purchased a new position in shares of Pinduoduo in the 3rd quarter worth approximately $622,000. 2.72% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have recently commented on PDD. Credit Suisse Group set a $26.00 price target on shares of Pinduoduo and gave the company a “buy” rating in a report on Wednesday. Goldman Sachs Group began coverage on shares of Pinduoduo in a report on Thursday, September 13th. They issued a “buy” rating and a $31.90 price target for the company.

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Pinduoduo Company Profile

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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