Yong Rong HK Asset Management Ltd bought a new position in shares of Pinduoduo Inc (NASDAQ:PDD) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,200,000 shares of the company’s stock, valued at approximately $57,838,000. Pinduoduo comprises approximately 21.8% of Yong Rong HK Asset Management Ltd’s portfolio, making the stock its 2nd biggest position. Yong Rong HK Asset Management Ltd owned approximately 0.20% of Pinduoduo at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Tiger Pacific Capital LP acquired a new stake in shares of Pinduoduo during the third quarter worth $10,089,000. TB Alternative Assets Ltd. acquired a new stake in shares of Pinduoduo during the third quarter worth $9,309,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Pinduoduo during the third quarter worth $9,031,000. Ariose Capital Management Ltd acquired a new stake in shares of Pinduoduo during the third quarter worth $8,990,000. Finally, Baillie Gifford & Co. acquired a new stake in shares of Pinduoduo during the third quarter worth $130,173,000. Institutional investors own 6.06% of the company’s stock.
A number of research firms have issued reports on PDD. Goldman Sachs Group began coverage on Pinduoduo in a research note on Thursday, September 13th. They issued a “buy” rating and a $31.90 target price for the company. Credit Suisse Group set a $26.00 target price on Pinduoduo and gave the company a “buy” rating in a research note on Wednesday, November 21st.
Pinduoduo (NASDAQ:PDD) last posted its earnings results on Tuesday, November 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.08. The business had revenue of $491.03 million during the quarter.
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Pinduoduo Company Profile
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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