Pinduoduo (PDD) Stock Price Up 6.7%
Pinduoduo Inc (NASDAQ:PDD) shares rose 6.7% during mid-day trading on Tuesday . The company traded as high as $22.20 and last traded at $22.15. Approximately 7,874,424 shares were traded during trading, a decline of 3% from the average daily volume of 8,103,492 shares. The stock had previously closed at $20.75.
PDD has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on Pinduoduo in a report on Monday, April 15th. They set a “buy” rating and a $30.00 price target on the stock. UBS Group initiated coverage on Pinduoduo in a report on Wednesday, March 6th. They set a “buy” rating and a $37.00 price target on the stock. Bank of America initiated coverage on Pinduoduo in a report on Wednesday. They set a “buy” rating on the stock. Zacks Investment Research upgraded 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 set a “hold” rating and a $23.74 price target on the stock. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Pinduoduo currently has an average rating of “Buy” and a consensus price target of $29.95.
The stock has a market cap of $22.99 billion and a price-to-earnings ratio of -11.34.
Institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. bought a new stake in shares of Pinduoduo in the 4th quarter worth approximately $17,519,000. BlackRock Inc. boosted its position in shares of Pinduoduo by 5.1% in the 4th quarter. BlackRock Inc. now owns 89,136 shares of the company’s stock worth $2,001,000 after purchasing an additional 4,287 shares in the last quarter. Gulf International Bank UK Ltd bought a new stake in shares of Pinduoduo in the 1st quarter worth approximately $719,000. Krane Funds Advisors LLC boosted its position in shares of Pinduoduo by 8.7% in the 1st quarter. Krane Funds Advisors LLC now owns 3,116,352 shares of the company’s stock worth $77,286,000 after purchasing an additional 249,951 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Pinduoduo by 26.2% in the 4th quarter. Bank of America Corp DE now owns 144,241 shares of the company’s stock worth $3,237,000 after purchasing an additional 29,908 shares in the last quarter. 7.00% of the stock is currently owned by institutional investors and hedge funds.
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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