Pinduoduo Inc (NASDAQ:PDD) shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $24.00 and last traded at $23.78, 7,263,858 shares were traded during mid-day trading. An increase of 0% from the average session volume of 7,228,194 shares. The stock had previously closed at $22.36.

Several research analysts recently issued reports on the stock. Macquarie assumed coverage on shares of Pinduoduo in a report on Friday, July 5th. They set an “outperform” rating and a $30.00 target price for the company. Credit Suisse Group cut shares of Pinduoduo from an “outperform” rating to a “neutral” rating in a report on Tuesday, July 16th. KeyCorp assumed coverage on shares of Pinduoduo in a report on Tuesday, April 16th. They set an “overweight” rating and a $32.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a report on Tuesday, July 9th. They set an “underweight” rating and a $20.48 target price for the company. Finally, New Street Research assumed coverage on shares of Pinduoduo in a report on Thursday, June 20th. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $28.00.

The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.01. The business’s fifty day simple moving average is $21.03. The stock has a market capitalization of $26.34 billion and a P/E ratio of -11.89.

Pinduoduo (NASDAQ:PDD) last announced its earnings results on Monday, May 20th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $4.11 billion. The business’s revenue for the quarter was up 228.3% on a year-over-year basis. As a group, analysts forecast that Pinduoduo Inc will post -0.71 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. O Shares Investment Advisers LLC raised its stake in shares of Pinduoduo by 45.5% in the 2nd quarter. O Shares Investment Advisers LLC now owns 36,913 shares of the company’s stock valued at $762,000 after acquiring an additional 11,539 shares during the period. WT Asset Management Ltd raised its stake in shares of Pinduoduo by 141.2% in the 2nd quarter. WT Asset Management Ltd now owns 1,899,665 shares of the company’s stock valued at $39,190,000 after acquiring an additional 1,112,217 shares during the period. Pinebridge Investments L.P. raised its stake in shares of Pinduoduo by 124.8% in the 2nd quarter. Pinebridge Investments L.P. now owns 164,435 shares of the company’s stock valued at $3,392,000 after acquiring an additional 91,304 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of Pinduoduo by 641.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 88,898 shares of the company’s stock valued at $1,834,000 after acquiring an additional 76,910 shares during the period. Finally, KEYWISE CAPITAL MANAGEMENT Ltd raised its stake in shares of Pinduoduo by 5,176.2% in the 2nd quarter. KEYWISE CAPITAL MANAGEMENT Ltd now owns 1,482,600 shares of the company’s stock valued at $30,586,000 after acquiring an additional 1,454,500 shares during the period. Institutional investors and hedge funds own 10.95% of the company’s stock.

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.

Further Reading: Do stock splits help investors?

Receive News & Ratings for Pinduoduo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinduoduo and related companies with MarketBeat.com's FREE daily email newsletter.