Pinduoduo (NASDAQ:PDD) Shares Gap Down to $101.78

Shares of Pinduoduo Inc. (NASDAQ:PDD) gapped down before the market opened on Wednesday . The stock had previously closed at $101.78, but opened at $99.61. Pinduoduo shares last traded at $98.16, with a volume of 43,432 shares traded.

A number of equities analysts have commented on the stock. decreased their price objective on shares of Pinduoduo from $190.00 to $168.00 and set a “buy” rating for the company in a report on Thursday, May 27th. Bank of America lifted their price objective on shares of Pinduoduo from $143.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, August 25th. Benchmark cut their price objective on shares of Pinduoduo from $176.00 to $156.00 and set a “buy” rating on the stock in a research note on Wednesday, August 25th. Zacks Investment Research upgraded shares of Pinduoduo from a “hold” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Friday, September 3rd. Finally, Citigroup lowered their target price on Pinduoduo from $168.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, August 25th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, Pinduoduo presently has an average rating of “Buy” and a consensus target price of $159.27.

The firm has a market capitalization of $122.24 billion, a price-to-earnings ratio of -282.72 and a beta of 1.43. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.17. The company has a fifty day moving average price of $96.55 and a 200-day moving average price of $120.97.

Pinduoduo (NASDAQ:PDD) last announced its quarterly earnings results on Monday, August 23rd. The company reported $2.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $3.07. Pinduoduo had a negative return on equity of 3.82% and a negative net margin of 3.02%. The business had revenue of $23.05 billion during the quarter, compared to analyst estimates of $26.53 billion. Pinduoduo’s quarterly revenue was up 89.0% on a year-over-year basis. As a group, sell-side analysts predict that Pinduoduo Inc. will post 0.63 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of PDD. Vanguard Group Inc. increased its position in shares of Pinduoduo by 25.1% during the second quarter. Vanguard Group Inc. now owns 13,367,842 shares of the company’s stock valued at $1,697,984,000 after purchasing an additional 2,685,114 shares during the period. BlackRock Inc. increased its position in shares of Pinduoduo by 9.2% during the second quarter. BlackRock Inc. now owns 19,369,909 shares of the company’s stock valued at $2,460,366,000 after purchasing an additional 1,636,076 shares during the period. Baillie Gifford & Co. increased its position in shares of Pinduoduo by 5.9% during the first quarter. Baillie Gifford & Co. now owns 26,867,200 shares of the company’s stock valued at $3,596,980,000 after purchasing an additional 1,497,750 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Pinduoduo by 53.0% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,314,532 shares of the company’s stock valued at $421,012,000 after purchasing an additional 1,147,627 shares during the period. Finally, Franchise Capital Ltd bought a new stake in shares of Pinduoduo during the first quarter valued at approximately $152,817,000. Institutional investors own 19.82% of the company’s stock.

About Pinduoduo (NASDAQ:PDD)

Pinduoduo, Inc operates as a holding company, which engages in the development and management of an e-commerce platform. Its Pinduoduo mobile application offers a selection of merchandise for buyer acquisition and engagement. The company was founded by Hua Lin Cai and Zheng Huang on April 20, 2015 and is headquartered in Shanghai, China.

Further Reading: 52-week highs

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