Pinduoduo (NASDAQ:PDD) Shares Gap Down to $60.38

Pinduoduo Inc. (NASDAQ:PDD) gapped down prior to trading on Thursday . The stock had previously closed at $60.38, but opened at $58.45. Pinduoduo shares last traded at $58.79, with a volume of 37,256 shares.

Several research firms have weighed in on PDD. TheStreet raised Pinduoduo from a “d” rating to a “c” rating in a report on Monday, September 27th. Macquarie began coverage on Pinduoduo in a report on Tuesday, December 7th. They issued an “outperform” rating on the stock. Zacks Investment Research raised Pinduoduo from a “hold” rating to a “strong-buy” rating and set a $66.00 price target on the stock in a report on Wednesday. UBS Group raised Pinduoduo from a “hold” rating to a “buy” rating in a report on Friday. Finally, Citigroup cut Pinduoduo from a “buy” rating to a “neutral” rating and lowered their price target for the company from $140.00 to $80.00 in a report on Monday, November 29th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Pinduoduo currently has an average rating of “Buy” and an average price target of $147.09.

The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $66.45 and a 200 day simple moving average of $86.46. The firm has a market capitalization of $74.83 billion, a PE ratio of -755.13 and a beta of 1.38.

Pinduoduo (NASDAQ:PDD) last announced its quarterly earnings results on Friday, November 26th. The company reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.20. The business had revenue of $3.34 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Pinduoduo had a positive return on equity of 1.17% and a negative net margin of 0.18%. As a group, equities analysts anticipate that Pinduoduo Inc. will post 1.3 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Captrust Financial Advisors bought a new stake in shares of Pinduoduo in the 3rd quarter worth approximately $28,000. Lindbrook Capital LLC grew its position in shares of Pinduoduo by 45.4% in the 3rd quarter. Lindbrook Capital LLC now owns 458 shares of the company’s stock worth $42,000 after buying an additional 143 shares during the last quarter. IFP Advisors Inc grew its position in shares of Pinduoduo by 98.7% in the 3rd quarter. IFP Advisors Inc now owns 604 shares of the company’s stock worth $55,000 after buying an additional 300 shares during the last quarter. Systematic Alpha Investments LLC bought a new stake in shares of Pinduoduo in the 2nd quarter worth approximately $64,000. Finally, Focused Wealth Management Inc bought a new stake in shares of Pinduoduo in the 3rd quarter worth approximately $63,000. Hedge funds and other institutional investors own 21.35% of the company’s stock.

About Pinduoduo (NASDAQ:PDD)

Pinduoduo, Inc operates as a holding company, which engages in the development and management of an e-commerce platform. Its Pinduoduo mobile application offers a selection of merchandise for buyer acquisition and engagement. The company was founded by Hua Lin Cai and Zheng Huang on April 20, 2015 and is headquartered in Shanghai, China.

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