Pinduoduo (PDD) Shares Gap Up to $25.95

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Shares of Pinduoduo Inc (NASDAQ:PDD) gapped up prior to trading on Monday . The stock had previously closed at $25.12, but opened at $25.95. Pinduoduo shares last traded at $26.74, with a volume of 13400099 shares changing hands.

Several equities analysts recently issued reports on PDD shares. Credit Suisse Group set a $26.00 price objective on shares of Pinduoduo and gave the company a “buy” rating in a research note on Wednesday, November 21st. HSBC started coverage on shares of Pinduoduo in a research note on Friday, February 1st. They set a “hold” rating on the stock. Finally, Morgan Stanley started coverage on shares of Pinduoduo in a research note on Wednesday, January 16th. They set an “overweight” rating and a $29.00 price objective on the stock.

Pinduoduo (NASDAQ:PDD) last posted its quarterly earnings results on Tuesday, November 20th. The company reported ($0.16) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.08. The company had revenue of $491.03 million for the quarter. On average, analysts predict that Pinduoduo Inc will post -2 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in PDD. OppenheimerFunds Inc. bought a new position in shares of Pinduoduo in the 3rd quarter worth about $355,554,000. Capital World Investors bought a new position in shares of Pinduoduo in the 3rd quarter worth about $201,659,000. FMR LLC bought a new position in shares of Pinduoduo in the 3rd quarter worth about $150,964,000. Baillie Gifford & Co. bought a new position in shares of Pinduoduo in the 3rd quarter worth about $130,173,000. Finally, Vanguard Group Inc. bought a new position in shares of Pinduoduo in the 3rd quarter worth about $72,991,000. 6.31% of the stock is owned by institutional investors.

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About Pinduoduo (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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