Pinduoduo (NASDAQ:PDD) Price Target Raised to $85.10

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Pinduoduo (NASDAQ:PDD) had its price target raised by Bank of America from $71.00 to $85.10 in a report issued on Monday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the stock.

PDD has been the subject of a number of other reports. Jefferies Financial Group cut Pinduoduo from a buy rating to a hold rating and set a $62.50 price objective for the company. in a research report on Monday, May 25th. China Renaissance Securities cut Pinduoduo from a buy rating to a hold rating in a research report on Tuesday, May 26th. Zacks Investment Research raised Pinduoduo from a sell rating to a hold rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. raised Pinduoduo from an underweight rating to a neutral rating in a research report on Tuesday, July 21st. Finally, China International Capital cut Pinduoduo from a buy rating to a hold rating and set a $59.00 price objective for the company. in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. Pinduoduo currently has a consensus rating of Hold and a consensus price target of $69.52.

Shares of NASDAQ PDD opened at $97.13 on Monday. The stock’s 50-day moving average is $87.45 and its two-hundred day moving average is $59.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 1.50. Pinduoduo has a 1-year low of $28.86 and a 1-year high of $98.96.

Pinduoduo (NASDAQ:PDD) last issued its quarterly earnings results on Friday, May 22nd. The company reported ($2.73) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($2.39). Pinduoduo had a negative return on equity of 37.60% and a negative net margin of 28.48%. The company had revenue of $6.54 billion for the quarter, compared to analysts’ expectations of $5.21 billion. During the same quarter last year, the company earned ($0.20) EPS. Pinduoduo’s revenue for the quarter was up 43.9% compared to the same quarter last year. Sell-side analysts expect that Pinduoduo will post -0.98 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its stake in Pinduoduo by 60.8% in the first quarter. Baillie Gifford & Co. now owns 27,255,238 shares of the company’s stock valued at $982,007,000 after acquiring an additional 10,301,190 shares during the period. BlackRock Inc. boosted its stake in Pinduoduo by 14.9% in the first quarter. BlackRock Inc. now owns 11,500,769 shares of the company’s stock valued at $414,371,000 after acquiring an additional 1,490,044 shares during the period. Hillhouse Capital Advisors LTD. boosted its stake in Pinduoduo by 13.0% in the second quarter. Hillhouse Capital Advisors LTD. now owns 9,863,866 shares of the company’s stock valued at $846,714,000 after acquiring an additional 1,134,500 shares during the period. Vanguard Group Inc. boosted its stake in Pinduoduo by 129.8% in the second quarter. Vanguard Group Inc. now owns 9,831,038 shares of the company’s stock valued at $843,897,000 after acquiring an additional 5,552,397 shares during the period. Finally, Bank of America Corp DE boosted its stake in Pinduoduo by 7.9% in the second quarter. Bank of America Corp DE now owns 8,326,172 shares of the company’s stock valued at $714,718,000 after acquiring an additional 612,715 shares during the period. Hedge funds and other institutional investors own 20.03% 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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