Pinduoduo (PDD) Trading Down 1% Following Weak Earnings

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Pinduoduo Inc (NASDAQ:PDD) shares fell 1% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $24.70 and last traded at $24.88. 410,653 shares were traded during trading, a decline of 95% from the average session volume of 7,474,583 shares. The stock had previously closed at $25.12.

The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.03). The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.31 billion. The company’s quarterly revenue was up 379.4% compared to the same quarter last year.

A number of equities analysts have recently commented on PDD shares. UBS Group started coverage on Pinduoduo in a report on Wednesday, March 6th. They issued a “buy” rating and a $37.00 price objective on the stock. Credit Suisse Group set a $26.00 price objective on Pinduoduo and gave the stock a “buy” rating in a report on Wednesday, November 21st. HSBC started coverage on Pinduoduo in a report on Friday, February 1st. They issued a “hold” rating on the stock. ValuEngine downgraded Pinduoduo from a “buy” rating to a “hold” rating in a report on Wednesday, February 20th. Finally, Morgan Stanley started coverage on Pinduoduo in a report on Wednesday, January 16th. They issued an “overweight” rating and a $29.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $30.98.

Several institutional investors have recently added to or reduced their stakes in PDD. OppenheimerFunds Inc. purchased a new position in shares of Pinduoduo in the 3rd quarter worth about $355,554,000. Capital World Investors acquired a new stake in shares of Pinduoduo in the third quarter valued at about $201,659,000. FMR LLC acquired a new stake in shares of Pinduoduo in the third quarter valued at about $150,964,000. Baillie Gifford & Co. acquired a new stake in shares of Pinduoduo in the third quarter valued at about $130,173,000. Finally, Vanguard Group Inc acquired a new stake in shares of Pinduoduo in the third quarter valued at about $72,991,000. Institutional investors own 6.76% of the company’s stock.

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Pinduoduo Company Profile (NASDAQ:PDD)

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.

Further Reading: Return On Assets

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