Zacks Investment Research upgraded shares of Pinduoduo (NASDAQ:PDD) from a hold rating to a strong-buy rating in a research note released on Wednesday, Zacks.com reports. Zacks Investment Research currently has $66.00 price objective on the stock.
According to Zacks, “Pinduoduo Inc. provides an e-commerce platform allowing users to participate in group buying deals, primarily through Tencent’s Wechat app. Pinduoduo Inc. is based in Shanghai, China. “
A number of other research analysts have also weighed in on PDD. TheStreet raised Pinduoduo from a d rating to a c rating in a research report on Monday, September 27th. Citigroup lowered Pinduoduo from a buy rating to a neutral rating and cut their price objective for the stock from $140.00 to $80.00 in a report on Monday, November 29th. Barclays started coverage on Pinduoduo in a research report on Tuesday, November 2nd. They set an equal weight rating and a $103.00 target price on the stock. Finally, Macquarie assumed coverage on Pinduoduo in a research report on Tuesday, December 7th. They set an outperform rating on the stock. 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 company. According to MarketBeat.com, the stock currently has an average rating of Buy and an average target price of $147.09.
Pinduoduo (NASDAQ:PDD) last released its earnings results on Friday, November 26th. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.20. The company had revenue of $3.34 billion during 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, sell-side analysts anticipate that Pinduoduo will post 1.3 EPS for the current year.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Pinduoduo by 2.6% during the 3rd quarter. BlackRock Inc. now owns 19,871,306 shares of the company’s stock valued at $1,801,730,000 after acquiring an additional 501,397 shares during the period. Vanguard Group Inc. increased its holdings in shares of Pinduoduo by 25.1% during the 2nd quarter. Vanguard Group Inc. now owns 13,367,842 shares of the company’s stock worth $1,697,984,000 after buying an additional 2,685,114 shares during the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Pinduoduo by 131.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 5,901,628 shares of the company’s stock worth $535,101,000 after buying an additional 3,353,823 shares during the last quarter. Tybourne Capital Management HK Ltd. increased its holdings in shares of Pinduoduo by 89.9% during the 3rd quarter. Tybourne Capital Management HK Ltd. now owns 3,499,244 shares of the company’s stock worth $317,276,000 after buying an additional 1,656,165 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Pinduoduo by 1.8% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,374,561 shares of the company’s stock worth $305,971,000 after buying an additional 60,029 shares during the last quarter. Hedge funds and other institutional investors own 21.35% of the company’s stock.
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.
Further Reading: Are sell-side analysts objective?
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