Pinduoduo (PDD) Shares Down 7.4%

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Shares of Pinduoduo Inc (NASDAQ:PDD) dropped 7.4% on Monday . The stock traded as low as $20.58 and last traded at $20.75. Approximately 13,820,920 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 8,101,040 shares. The stock had previously closed at $22.40.

PDD has been the subject of several research reports. Jefferies Financial Group initiated coverage on Pinduoduo in a report on Monday, April 15th. They issued a “buy” rating and a $30.00 target price for the company. UBS Group initiated coverage on Pinduoduo in a report on Wednesday, March 6th. They issued a “buy” rating and a $37.00 target price for the company. Bank of America initiated coverage on Pinduoduo in a report on Wednesday. They issued a “buy” rating for the company. Zacks Investment Research raised Pinduoduo from a “sell” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, 86 Research initiated coverage on Pinduoduo in a report on Tuesday, May 7th. They issued a “hold” rating and a $23.74 target price for the company. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $29.95.

The company has a market cap of $22.99 billion and a P/E ratio of -11.02.

Pinduoduo (NASDAQ:PDD) last posted its quarterly earnings data on Wednesday, March 13th. The company reported ($0.32) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.03). The company had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.31 billion. Pinduoduo had a negative net margin of 78.51% and a negative return on equity of 114.98%. The firm’s revenue was up 379.4% on a year-over-year basis. On average, equities research analysts predict that Pinduoduo Inc will post -0.71 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. purchased a new position in shares of Pinduoduo during the 1st quarter worth approximately $35,000. Enlightenment Research LLC purchased a new position in shares of Pinduoduo during the 4th quarter worth approximately $54,000. Quadrant Capital Group LLC acquired a new stake in shares of Pinduoduo in the 1st quarter worth approximately $66,000. Atlas Capital Advisors LLC acquired a new stake in shares of Pinduoduo in the 1st quarter worth approximately $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Pinduoduo in the 1st quarter worth approximately $102,000. 7.00% of the stock is owned by hedge funds and other 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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