Pinduoduo Inc. (NASDAQ:PDD) fell 5.2% during mid-day trading on Thursday . The company traded as low as $92.31 and last traded at $92.52. 201,924 shares changed hands during trading, a decline of 97% from the average session volume of 7,734,955 shares. The stock had previously closed at $97.58.
A number of brokerages have recently issued reports on PDD. Bank of America lifted their target price on Pinduoduo from $143.00 to $148.00 and gave the stock a “buy” rating in a research report on Wednesday, August 25th. Benchmark dropped their target price on Pinduoduo from $176.00 to $156.00 and set a “buy” rating on the stock in a research report on Wednesday, August 25th. Zacks Investment Research raised Pinduoduo from a “hold” rating to a “buy” rating and set a $120.00 target price on the stock in a research report on Friday, September 3rd. Citigroup decreased their price target on Pinduoduo from $168.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, August 25th. Finally, TheStreet upgraded Pinduoduo from a “d” rating to a “c” rating in a research note on Monday, September 27th. Two equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $159.27.
The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.17. The stock has a 50 day simple moving average of $93.85 and a 200 day simple moving average of $112.80. The company has a market capitalization of $115.68 billion, a price-to-earnings ratio of -271.06 and a beta of 1.43.
Hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC boosted its position in shares of Pinduoduo by 131.6% during the second quarter. Lindbrook Capital LLC now owns 315 shares of the company’s stock worth $40,000 after buying an additional 179 shares during the period. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Pinduoduo during the first quarter worth approximately $47,000. IFP Advisors Inc boosted its position in shares of Pinduoduo by 98.7% during the third quarter. IFP Advisors Inc now owns 604 shares of the company’s stock worth $55,000 after buying an additional 300 shares during the period. Parallel Advisors LLC boosted its position in shares of Pinduoduo by 131.2% during the second quarter. Parallel Advisors LLC now owns 460 shares of the company’s stock worth $58,000 after buying an additional 261 shares during the period. Finally, Focused Wealth Management Inc acquired a new position in shares of Pinduoduo during the third quarter worth approximately $63,000. Institutional investors own 19.82% of the company’s stock.
About Pinduoduo (NASDAQ:PDD)
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.
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