Pinduoduo (PDD) Issues Earnings Results, Misses Estimates By $0.03 EPS

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Pinduoduo (NASDAQ:PDD) posted its quarterly earnings data on Wednesday. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.03), MarketWatch Earnings reports. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.31 billion. Pinduoduo’s revenue for the quarter was up 379.4% compared to the same quarter last year.

PDD opened at $24.39 on Friday. Pinduoduo has a 52 week low of $16.53 and a 52 week high of $31.99.

Several equities research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on Pinduoduo in a research note on Wednesday, January 16th. They issued an “overweight” rating and a $29.00 price objective for the company. ValuEngine lowered Pinduoduo from a “buy” rating to a “hold” rating in a research note on Wednesday, February 20th. HSBC began coverage on Pinduoduo in a report on Friday, February 1st. They issued a “hold” rating on the stock. Credit Suisse Group set a $26.00 price target on Pinduoduo and gave the stock a “buy” rating in a report on Wednesday, November 21st. Finally, UBS Group began coverage on Pinduoduo in a report on Wednesday, March 6th. They issued a “buy” rating and a $37.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Pinduoduo has a consensus rating of “Buy” and a consensus target price of $30.98.

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

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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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