Pinduoduo (PDD) Now Covered by Morgan Stanley

Morgan Stanley began coverage on shares of Pinduoduo (NASDAQ:PDD) in a research note released on Wednesday, Marketbeat.com reports. The brokerage issued an overweight rating and a $29.00 price target on the stock.

Separately, Credit Suisse Group set a $26.00 price objective on shares of Pinduoduo and gave the stock a buy rating in a research report on Wednesday, November 21st.

NASDAQ PDD opened at $24.99 on Wednesday. Pinduoduo has a 1 year low of $16.53 and a 1 year high of $30.48.

Pinduoduo (NASDAQ:PDD) last posted its quarterly earnings results on Tuesday, November 20th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.08. The company had revenue of $491.03 million during the quarter. Research analysts anticipate that Pinduoduo will post -2 EPS for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Granite Point Capital Management L.P. purchased a new position in shares of Pinduoduo during the 3rd quarter valued at $263,000. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Pinduoduo during the 3rd quarter valued at $546,000. First Trust Advisors LP purchased a new position in shares of Pinduoduo during the 3rd quarter valued at $589,000. Virtu Financial LLC purchased a new position in shares of Pinduoduo during the 3rd quarter valued at $622,000. Finally, Credit Suisse AG purchased a new position in shares of Pinduoduo during the 3rd quarter valued at $667,000. Hedge funds and other institutional investors own 6.06% of the company’s stock.

About Pinduoduo

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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