Bank of America Corp DE increased its position in shares of Pinduoduo Inc (NASDAQ:PDD) by 26.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 144,241 shares of the company’s stock after acquiring an additional 29,908 shares during the quarter. Bank of America Corp DE’s holdings in Pinduoduo were worth $3,237,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Enlightenment Research LLC bought a new stake in Pinduoduo in the fourth quarter worth approximately $54,000. FNY Investment Advisers LLC bought a new stake in Pinduoduo in the fourth quarter worth approximately $224,000. Raymond James & Associates bought a new stake in Pinduoduo in the fourth quarter worth approximately $364,000. Maven Securities LTD bought a new stake in shares of Pinduoduo during the 4th quarter worth $428,000. Finally, Mackenzie Financial Corp bought a new stake in shares of Pinduoduo during the 4th quarter worth $610,000. Institutional investors and hedge funds own 7.00% of the company’s stock.
Several research firms recently issued reports on PDD. 86 Research began coverage on shares of Pinduoduo in a report on Tuesday, May 7th. They set a “hold” rating and a $23.74 price objective for the company. KeyCorp began coverage on shares of Pinduoduo in a report on Tuesday, April 16th. They set an “overweight” rating and a $32.00 price objective for the company. Jefferies Financial Group began coverage on shares of Pinduoduo in a report on Monday, April 15th. They set a “buy” rating and a $30.00 price objective for the company. Zacks Investment Research downgraded shares of Pinduoduo from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, Bank of America initiated coverage on shares of Pinduoduo in a report on Wednesday, May 15th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Pinduoduo has an average rating of “Buy” and an average target price of $29.95.
Pinduoduo stock traded down $1.06 during mid-day trading on Wednesday, reaching $20.46. The company had a trading volume of 9,948,748 shares, compared to its average volume of 8,346,349. Pinduoduo Inc has a 52 week low of $16.53 and a 52 week high of $31.99. The company has a market cap of $22.67 billion and a PE ratio of -10.23.
Pinduoduo (NASDAQ:PDD) last issued its quarterly earnings results on Monday, May 20th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. Pinduoduo had a negative net margin of 78.51% and a negative return on equity of 114.98%. The firm had revenue of $4.55 billion during the quarter, compared to the consensus estimate of $4.11 billion. The firm’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 -0.75 earnings per share for the current year.
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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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