Pinduoduo (PDD) Receives New Coverage from Analysts at KeyCorp

KeyCorp started coverage on shares of Pinduoduo (NASDAQ:PDD) in a report published on Tuesday morning, The Fly reports. The firm issued an overweight rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. UBS Group began coverage on shares of Pinduoduo in a research note on Wednesday, March 6th. They set a buy rating and a $37.00 price target on the stock. ValuEngine downgraded shares of Pinduoduo from a buy rating to a hold rating in a research note on Wednesday, February 20th. HSBC began coverage on shares of Pinduoduo in a research note on Friday, February 1st. They set a hold rating on the stock. Morgan Stanley began coverage on shares of Pinduoduo in a research note on Wednesday, January 16th. They set an overweight rating and a $29.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Pinduoduo in a research note on Monday. They issued a buy rating and a $30.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $30.78.

PDD opened at $22.50 on Tuesday. The company has a market capitalization of $24.38 billion and a price-to-earnings ratio of -11.25. Pinduoduo has a 1-year low of $16.53 and a 1-year high of $31.99.

Pinduoduo (NASDAQ:PDD) last released its earnings results on Wednesday, March 13th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.03). Pinduoduo had a negative return on equity of 114.98% and a negative net margin of 78.51%. The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.31 billion. Pinduoduo’s revenue was up 379.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Pinduoduo will post -0.46 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Pinduoduo in the first quarter valued at $496,000. Deutsche Bank AG raised its stake in shares of Pinduoduo by 35,594.1% in the fourth quarter. Deutsche Bank AG now owns 60,680 shares of the company’s stock valued at $1,360,000 after acquiring an additional 60,510 shares during the period. Raging Capital Management LLC purchased a new stake in shares of Pinduoduo in the fourth quarter valued at $5,610,000. Millennium Management LLC raised its stake in shares of Pinduoduo by 458.9% in the fourth quarter. Millennium Management LLC now owns 89,460 shares of the company’s stock valued at $2,007,000 after acquiring an additional 73,453 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of Pinduoduo by 3.0% in the fourth quarter. Legal & General Group Plc now owns 234,194 shares of the company’s stock valued at $5,255,000 after acquiring an additional 6,796 shares during the period. 6.76% of the stock is currently owned by institutional investors and hedge funds.

Pinduoduo Company Profile

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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