Pinduoduo Inc (NASDAQ:PDD) was the recipient of a significant increase in short interest during the month of November. As of November 29th, there was short interest totalling 28,020,000 shares, an increase of 14.7% from the November 14th total of 24,420,000 shares. Based on an average daily volume of 7,640,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 4.4% of the shares of the stock are sold short.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in Pinduoduo in the second quarter valued at $107,000. First Trust Advisors LP boosted its holdings in Pinduoduo by 50.6% in the second quarter. First Trust Advisors LP now owns 275,877 shares of the company’s stock valued at $5,691,000 after purchasing an additional 92,735 shares during the period. Aviva PLC lifted its holdings in Pinduoduo by 8.7% during the 2nd quarter. Aviva PLC now owns 58,500 shares of the company’s stock worth $1,207,000 after buying an additional 4,700 shares during the last quarter. Royal London Asset Management Ltd. purchased a new stake in Pinduoduo during the 2nd quarter worth about $1,456,000. Finally, Stevens Capital Management LP purchased a new stake in Pinduoduo during the 2nd quarter worth about $343,000. Institutional investors and hedge funds own 15.24% of the company’s stock.
Shares of PDD traded down $1.63 during midday trading on Friday, hitting $36.46. 5,654,479 shares of the stock were exchanged, compared to its average volume of 9,682,372. Pinduoduo has a 52-week low of $18.46 and a 52-week high of $45.25. The stock has a fifty day simple moving average of $38.99 and a 200 day simple moving average of $29.32. The firm has a market cap of $41.56 billion, a P/E ratio of -18.23 and a beta of 1.32. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.85 and a current ratio of 1.85.
Pinduoduo (NASDAQ:PDD) last released its quarterly earnings results on Wednesday, November 20th. The company reported ($1.44) EPS for the quarter, missing the consensus estimate of ($0.11) by ($1.33). Pinduoduo had a negative return on equity of 32.14% and a negative net margin of 30.59%. The firm had revenue of $7.51 billion for the quarter, compared to analysts’ expectations of $7.58 billion. During the same quarter in the prior year, the business earned ($0.68) earnings per share. The company’s quarterly revenue was up 122.8% on a year-over-year basis. As a group, equities research analysts forecast that Pinduoduo will post -0.87 EPS for the current fiscal year.
Several research firms recently commented on PDD. Bank of America increased their price target on Pinduoduo from $29.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, August 22nd. Barclays raised their target price on Pinduoduo from $32.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Zacks Investment Research cut Pinduoduo from a “buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Nomura reissued a “hold” rating and set a $33.00 target price (down previously from $34.00) on shares of Pinduoduo in a research note on Friday, November 22nd. Finally, Benchmark raised their target price on Pinduoduo from $28.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, August 22nd. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. Pinduoduo presently has an average rating of “Hold” and an average target price of $36.70.
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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