Pinduoduo (NASDAQ:PDD) Stock Price Down 5.2%

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.

Pinduoduo (NASDAQ:PDD) last issued its earnings results on Monday, August 23rd. The company reported $2.85 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $3.07. Pinduoduo had a negative return on equity of 3.82% and a negative net margin of 3.02%. The company had revenue of $23.05 billion during the quarter, compared to the consensus estimate of $26.53 billion. The firm’s revenue was up 89.0% on a year-over-year basis. As a group, analysts forecast that Pinduoduo Inc. will post 0.63 EPS for the current year.

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.

Further Reading: What Factors Can Affect Return on Equity?

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.