Shares of Pinduoduo Inc (NASDAQ:PDD) have received a consensus rating of “Buy” from the six research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $30.98.
A number of equities analysts have weighed in on PDD shares. Credit Suisse Group set a $26.00 price target on shares of Pinduoduo and gave the stock a “buy” rating in a research report on Wednesday, November 21st. UBS Group started coverage on shares of Pinduoduo in a research report on Wednesday, March 6th. They issued a “buy” rating and a $37.00 price target for the company. ValuEngine lowered shares of Pinduoduo from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. HSBC began coverage on shares of Pinduoduo in a research report on Friday, February 1st. They set a “hold” rating for the company. Finally, Morgan Stanley began coverage on shares of Pinduoduo in a research report on Wednesday, January 16th. They set an “overweight” rating and a $29.00 target price for the company.
Get Pinduoduo alerts:Shares of PDD traded up $1.66 during mid-day trading on Wednesday, reaching $30.12. The stock had a trading volume of 350,257 shares, compared to its average volume of 6,903,172. Pinduoduo has a 12 month low of $16.53 and a 12 month high of $31.99.
Several large investors have recently modified their holdings of the stock. OppenheimerFunds Inc. purchased a new stake in shares of Pinduoduo in the third quarter valued at $355,554,000. Capital World Investors purchased a new stake in shares of Pinduoduo in the third quarter valued at $201,659,000. FMR LLC purchased a new stake in shares of Pinduoduo in the third quarter valued at $150,964,000. Baillie Gifford & Co. purchased a new stake in shares of Pinduoduo in the third quarter valued at $130,173,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Pinduoduo in the third quarter valued at $72,991,000. Hedge funds and other institutional investors own 7.17% 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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