Pinduoduo Inc (NASDAQ:PDD) shares traded up 1.7% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $23.98 and last traded at $23.54. 181,097 shares traded hands during mid-day trading, a decline of 97% from the average session volume of 7,233,851 shares. The stock had previously closed at $23.14.
The company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.08. The business had revenue of $491.03 million for the quarter.
A number of equities analysts recently commented on the company. Credit Suisse Group set a $26.00 target price on Pinduoduo and gave the company a “buy” rating in a report on Wednesday. Goldman Sachs Group assumed coverage on Pinduoduo in a report on Thursday, September 13th. They set a “buy” rating and a $31.90 target price for the company.
Several institutional investors and hedge funds have recently made changes to their positions in PDD. OppenheimerFunds Inc. purchased a new position in shares of Pinduoduo in the 3rd quarter valued at about $355,554,000. Capital World Investors purchased a new position in shares of Pinduoduo in the 3rd quarter valued at about $201,659,000. FMR LLC purchased a new position in shares of Pinduoduo in the 3rd quarter valued at about $150,964,000. Baillie Gifford & Co. purchased a new position in shares of Pinduoduo in the 3rd quarter valued at about $130,173,000. Finally, Yong Rong HK Asset Management Ltd purchased a new position in shares of Pinduoduo in the 3rd quarter valued at about $57,838,000. Institutional investors and hedge funds own 2.72% of the company’s stock.
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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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