Pinduoduo (PDD) Shares Up 5.2%

Pinduoduo Inc (NASDAQ:PDD) shares shot up 5.2% on Monday . The company traded as high as $30.27 and last traded at $29.93. 8,626,573 shares traded hands during trading, an increase of 24% from the average session volume of 6,939,874 shares. The stock had previously closed at $28.46.

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

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Enlightenment Research LLC acquired a new position in shares of Pinduoduo during the fourth quarter worth $54,000. Granite Point Capital Management L.P. acquired a new stake in Pinduoduo in the third quarter valued at $263,000. FNY Investment Advisers LLC acquired a new stake in Pinduoduo in the fourth quarter valued at $224,000. Raymond James & Associates acquired a new stake in Pinduoduo in the fourth quarter valued at $364,000. Finally, Maven Securities LTD acquired a new stake in Pinduoduo in the fourth quarter valued at $428,000. 7.17% of the stock is currently owned by institutional investors and hedge funds.

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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.

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