Pinduoduo (NASDAQ:PDD) Research Coverage Started at Barclays

Barclays started coverage on shares of Pinduoduo (NASDAQ:PDD) in a report released on Monday morning, BenzingaRatingsTable reports. The brokerage issued an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. 86 Research reissued a sell rating on shares of Pinduoduo in a report on Tuesday, August 6th. Benchmark initiated coverage on shares of Pinduoduo in a report on Thursday, June 13th. They issued a buy rating and a $28.00 price target for the company. New Street Research initiated coverage on shares of Pinduoduo in a report on Thursday, June 20th. They issued a buy rating for the company. Bank of America initiated coverage on shares of Pinduoduo in a report on Wednesday, May 15th. They issued a buy rating for the company. Finally, Jefferies Financial Group initiated coverage on shares of Pinduoduo in a report on Monday, August 5th. They issued a buy rating and a $26.90 price target for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $28.00.

PDD stock opened at $30.11 on Monday. The company has a market capitalization of $27.71 billion and a P/E ratio of -15.06. The company has a 50-day simple moving average of $21.82 and a 200 day simple moving average of $23.27. Pinduoduo has a fifty-two week low of $16.53 and a fifty-two week high of $31.99. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.01.

Pinduoduo (NASDAQ:PDD) last posted its quarterly earnings data on Monday, May 20th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.04. Pinduoduo had a negative net margin of 73.90% and a negative return on equity of 76.66%. The business had revenue of $4.55 billion during the quarter, compared to the consensus estimate of $4.11 billion. The business’s revenue was up 228.3% compared to the same quarter last year. Equities analysts anticipate that Pinduoduo will post -0.78 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barings LLC increased its holdings in shares of Pinduoduo by 72.5% in the 2nd quarter. Barings LLC now owns 1,206,227 shares of the company’s stock valued at $24,884,000 after purchasing an additional 507,041 shares during the period. Luminus Management LLC acquired a new position in shares of Pinduoduo in the 2nd quarter valued at about $11,125,000. Magnetar Financial LLC acquired a new position in shares of Pinduoduo in the 2nd quarter valued at about $516,000. OZ Management LP acquired a new position in shares of Pinduoduo in the 2nd quarter valued at about $4,126,000. Finally, Bamco Inc. NY grew its stake in shares of Pinduoduo by 27.2% in the 2nd quarter. Bamco Inc. NY now owns 75,667 shares of the company’s stock valued at $1,561,000 after buying an additional 16,185 shares in the last quarter. Hedge funds and other institutional investors own 12.22% of the company’s stock.

About Pinduoduo

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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Analyst Recommendations for Pinduoduo (NASDAQ:PDD)

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