Pinduoduo (NASDAQ:PDD) Coverage Initiated at JPMorgan Chase & Co.

Stock analysts at JPMorgan Chase & Co. initiated coverage on shares of Pinduoduo (NASDAQ:PDD) in a note issued to investors on Tuesday, MarketBeat reports. The brokerage set an “underweight” rating and a $20.48 price target on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 6.17% from the stock’s current price.

A number of other research analysts have also recently commented on PDD. Benchmark assumed coverage on shares of Pinduoduo in a research note on Thursday, June 13th. They set a “buy” rating and a $28.00 price target for the company. 86 Research began coverage on shares of Pinduoduo in a research note on Tuesday, May 7th. They set a “hold” rating and a $23.74 price target for the company. New Street Research upgraded shares of TIM Participacoes from a “neutral” rating to a “buy” rating in a research note on Thursday, June 20th. Zacks Investment Research upgraded shares of Booz Allen Hamilton from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Friday, June 28th. Finally, KeyCorp began coverage on shares of Pinduoduo in a research note on Tuesday, April 16th. They issued an “overweight” rating and a $32.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $28.28.

PDD traded down $0.55 during midday trading on Tuesday, reaching $19.29. 256,148 shares of the company’s stock were exchanged, compared to its average volume of 7,542,777. The company has a market cap of $22.69 billion and a price-to-earnings ratio of -9.75. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.01. Pinduoduo has a one year low of $16.53 and a one year high of $31.99. The company’s 50-day moving average is $20.23.

Pinduoduo (NASDAQ:PDD) last announced its quarterly earnings results on Monday, May 20th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $4.55 billion during the quarter, compared to analysts’ expectations of $4.11 billion. Pinduoduo had a negative net margin of 73.90% and a negative return on equity of 76.66%. The company’s quarterly revenue was up 228.3% on a year-over-year basis. Analysts predict that Pinduoduo will post -0.73 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of PDD. Oppenheimer Asset Management Inc. acquired a new stake in Pinduoduo during the 1st quarter worth $35,000. WT Asset Management Ltd grew its holdings in Pinduoduo by 44.8% during the 1st quarter. WT Asset Management Ltd now owns 787,448 shares of the company’s stock worth $64,000 after acquiring an additional 243,622 shares during the period. Quadrant Capital Group LLC acquired a new stake in Pinduoduo during the 1st quarter worth $66,000. Atlas Capital Advisors LLC acquired a new stake in Pinduoduo during the 1st quarter worth $87,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Pinduoduo during the 1st quarter worth $102,000. Institutional investors own 10.37% of the company’s stock.

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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Analyst Recommendations for Pinduoduo (NASDAQ:PDD)

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