Pinduoduo (NASDAQ:PDD) Shares Gap Down to $30.59

Shares of Pinduoduo Inc (NASDAQ:PDD) gapped down before the market opened on Friday . The stock had previously closed at $31.54, but opened at $30.59. Pinduoduo shares last traded at $29.49, with a volume of 11,105,784 shares trading hands.

Several analysts have weighed in on the stock. Bank of America boosted their target price on shares of Pinduoduo from $29.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday. 86 Research reiterated a “sell” rating on shares of Pinduoduo in a research note on Tuesday, August 6th. Benchmark boosted their target price on shares of Pinduoduo from $28.00 to $39.00 and gave the company a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price for the company. Finally, Credit Suisse Group lowered shares of Pinduoduo from an “outperform” rating to a “neutral” rating in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. Pinduoduo has an average rating of “Buy” and a consensus price target of $30.09.

The company has a market cap of $32.67 billion and a price-to-earnings ratio of -14.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.90 and a quick ratio of 1.90. The firm’s fifty day moving average price is $22.22 and its 200-day moving average price is $23.28.

Pinduoduo (NASDAQ:PDD) last announced its quarterly earnings results on Wednesday, August 21st. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.13. Pinduoduo had a negative net margin of 73.90% and a negative return on equity of 76.66%. The company had revenue of $7.29 billion during the quarter, compared to the consensus estimate of $6.15 billion. The company’s revenue for the quarter was up 169.1% on a year-over-year basis. As a group, equities analysts forecast that Pinduoduo Inc will post -0.78 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC lifted its holdings in Pinduoduo by 79.0% in the first quarter. FMR LLC now owns 9,991,307 shares of the company’s stock worth $247,785,000 after purchasing an additional 4,408,544 shares during the period. Morgan Stanley lifted its holdings in Pinduoduo by 1,660.1% in the second quarter. Morgan Stanley now owns 8,810,263 shares of the company’s stock worth $181,756,000 after purchasing an additional 8,309,709 shares during the period. Hillhouse Capital Advisors LTD. lifted its holdings in Pinduoduo by 129.8% in the second quarter. Hillhouse Capital Advisors LTD. now owns 7,197,978 shares of the company’s stock worth $148,494,000 after purchasing an additional 4,065,882 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Pinduoduo by 146.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,473,874 shares of the company’s stock worth $92,296,000 after purchasing an additional 2,655,490 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Pinduoduo by 0.7% in the second quarter. Vanguard Group Inc. now owns 4,102,040 shares of the company’s stock worth $84,625,000 after purchasing an additional 26,963 shares during the period. 12.22% of the stock is owned by institutional investors.

Pinduoduo Company Profile (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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